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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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