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Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $142,800 for Social Security and 1,45% for Medicare): Note: Leave no cells blank-be certain to enter "0" wherever required. Round your answers to the nearest cent. Employee Brown Cumulative earnings Pay amount this Social Security before this pay period period this period $ 185,000 $ 17,600 Medicare this period

Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $142,800 for Social Security and 1,45% for Medicare): Note: Leave no cells blank-be certain to enter "0" wherever required. Round your answers to the nearest cent. Employee Brown Cumulative earnings Pay amount this Social Security before this pay period period this period $ 185,000 $ 17,600 Medicare this period

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $142,800 for Social Security and 1,45% for Medicare): Note: Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent. Employee Brown Cumulative earnings Pay amount this Social Security before this pay period period this period 185,000 $ 17,600 Medicare this period
Transcribed Image Text:Calculate the Social Security and Medicare deductions for the following employee (assume a tax rate of 6.2% on $142,800 for Social Security and 1,45% for Medicare): Note: Leave no cells blank - be certain to enter "0" wherever required. Round your answers to the nearest cent. Employee Brown Cumulative earnings Pay amount this Social Security before this pay period period this period 185,000 $ 17,600 Medicare this period
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