Quiz 3 (Chapters 4 & 9) 7 eBook Saved Molly, an accountant at Coore Company, earned $139,400 from January to June. In July, Molly earned $4,600. Assume a tax rate of 6.2% for Social Security on the first $142,800 and a Medicare rate of 1.45%. How much is the tax for Social Security and Medicare? Note: Round your answers to the nearest cent. Social Security Medicare

Molly, an accountant at Coore Company, earned $139,400 from January to June. In July, Molly earned $4,600. Assume a tax rate of 6.2% for Social Security on the first $142,800 and a Medicare rate of 1.45%. How much is the tax for Social Security and Medicare? Note: Round your answers to the nearest cent