Question
ch 9 17. Solve the following problem using 6.2%, up to $117,000, for social security tax and 1.45%, no wage limit, for Medicare tax. Fandango
ch 9
17. Solve the following problem using 6.2%, up to $117,000, for social security tax and 1.45%, no wage limit, for Medicare tax.
Fandango Furniture Manufacturing, Inc., has 40 employees on the assembly line, each with gross earnings of $325 per week.
Do not round intermediate calculations. Round dollars to the nearest cent.
a. What are the total social security and Medicare taxes that should be withheld from the employees' paychecks each week?
Social security: $
Medicare: $
b. What is the employer's share of these taxes for the first quarter of the year for these employees?
Social security: $
Medicare: $
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