Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: If required, round your answers to the nearest cent. Cumul. Pay Amount Before Current Weekly Payroll Current Gross Pay Year-to-Date Earnings Soc. Sec. Over Max. Maximum Soc. Sec. Amount Subject to Soc. Sec. Medicare Soc. Sec. Tax Withheld Tax Withheld $ 30,400 $1,420 $128,400 52,800 2,600 128,400 126,300 3,500 128,400 128,000 2,960 128,400