Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 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 required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Soc. Sec. Soc. Sec. Tax Subject to Soc. Sec. Before Current Current Year-to-Date Over Max. Tax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400

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Calculating Social Security and Medicare Taxes
Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 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 required, round your answers to the nearest cent.
Cumul. Pay
Amount
Amount
Medicare
Before Current
Current
Year-to-Date
Soc. Sec.
Over Max.
Subject to
Soc. Sec. Tах
Тax
Weekly Payroll
Gross Pay
Earnings
Maximum
Soc. Sec.
Soc. Sec.
Withheld
Withheld
$ 21,600
$1,720
$128,400
2$
$
54,600
4,180
128,400
127,600
3,985
128,400
127,900
4,700
128,400
Transcribed Image Text:Calculating Social Security and Medicare Taxes Assume a Social Security tax rate of 6.2% is applied to maximum earnings of $128,400 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 required, round your answers to the nearest cent. Cumul. Pay Amount Amount Medicare Before Current Current Year-to-Date Soc. Sec. Over Max. Subject to Soc. Sec. Tах Тax Weekly Payroll Gross Pay Earnings Maximum Soc. Sec. Soc. Sec. Withheld Withheld $ 21,600 $1,720 $128,400 2$ $ 54,600 4,180 128,400 127,600 3,985 128,400 127,900 4,700 128,400
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