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Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. Calculate the monthly Social
Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.
Calculate the monthly Social Security and Medicare withholdings (in $) for the employee as the payroll manager for a cargo and freight company. (Round your answers to the nearest cent.)
Employee | Year-to-Date Earnings | Current Month | Social Security | Medicare |
---|---|---|---|---|
Andretti, K. | $142,000 | $13,650 | $ | $ |
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