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Please help fill in blank boxes. Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings
Please help fill in blank boxes.
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: If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. Pay Before Current Current Weekly PayrollGross Pay Amount Over Max Soc. Sec. Amount Subject to Soc. Sec. Medicare Tax Withheld Year-to-Date Soc. Sec Soc. Sec. Tax Maximum Earnings 23,700 58,200118,500 119,825 118,500 122,500 118,500 Withheld $1,700 4,200 3,925 4,600 $ 24.65 $22,000 54,000 115,900 117,900 1,700 4,200V 2,600 $118,500 260.4 161.2 37.2 60.90v 1,325 v 56.91 4,000 600 66.70 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: If an amount box does not require an entry, leave it blank. If required, round your answers to the nearest cent. Cumul. Pay Before Current Current Weekly PayrollGross Pay Amount Over Max Soc. Sec. Amount Subject to Soc. Sec. Medicare Tax Withheld Year-to-Date Soc. Sec Soc. Sec. Tax Maximum Earnings 23,700 58,200118,500 119,825 118,500 122,500 118,500 Withheld $1,700 4,200 3,925 4,600 $ 24.65 $22,000 54,000 115,900 117,900 1,700 4,200V 2,600 $118,500 260.4 161.2 37.2 60.90v 1,325 v 56.91 4,000 600 66.70Step by Step Solution
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