CALCULATING SOCIAL SECURITY AND MEDICARE TAXES Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $118,500 and a Medicare tax rate of 1.45% is applied to all earnings. Calculate the Social Security and Medicare taxes for the following situations: 

Soc. Medicare Cumul. Pay Before Current Weckly Payroll Gross Pay $ 31,000 Amount Amount Sec. Ta Withheld Current Soc. Sc. aximun Over Max. Soc. Sec. Subject to Soc. Sec. Year-to-Date Earmings Withheld $1,500 $118,500 118,500 118,500 53,000 2,860 115,600 3,140 117,900 2,920 118,500