Question

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 Weekly Payroll Current Gross Pay Year to Date Earnings - Soc Sec Amount Over Hax Soc. Sec Medicare Subject to Soc. Sec. Soc. Sec Tax withheld $1,700 withheld $118.500 $ 22,000 54,000 115,900 117,900 4,200 118,500 3.925 118,500 4,600 118,500

Answer 1

Cumul. Pay				Amount	Amount		Medicare
Before Current	Current	Year-to-Date	Soc. Sec.	Over Max.	Subject to	Soc. Sec. Tax	Tax
Weekly Payroll	Gross Pay	Earnings	Maximum	Soc. Sec.	Soc. Sec.	Withheld	Withheld
22000	1700	23700	118500		1700	105.40	24.65
54000	4200	58200	118500		4200	260.40	60.90
115900	3925	119825	118500	1325	2600	161.20	56.91
117900	4600	122500	118500	4000	600	37.20	66.70

Per HOMEWORKLIB RULES the first question has been answered. Please post the remaining question separately. Thank you.