Daniel earns $125,448 annually and is paid monthly. How much Social Security tax will be deducted from his December earnings? How much Medicare tax will be deducted from his December earnings? Social security tax is 6.2% and Medicare tax is 1.45%. Round to the nearest cent.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Daniel earns $125,448 annually and is paid monthly. How much Social Security tax will be
deducted from his December earnings? How much Medicare tax will be deducted from his
December earnings? Social security tax is 6.2% and Medicare tax is 1.45 %. Round to the
nearest cent.
$21.74
O Social Security tax =
Medicare tax= $15.16
Social Security tax- $218.37
Medicare tax= $152.58
Social Security tax = $217.37
Medicare tax $151.58
O Social Security tax - $2173.70
Medicare tax $1515.83
Transcribed Image Text:Solve the problem. Daniel earns $125,448 annually and is paid monthly. How much Social Security tax will be deducted from his December earnings? How much Medicare tax will be deducted from his December earnings? Social security tax is 6.2% and Medicare tax is 1.45 %. Round to the nearest cent. $21.74 O Social Security tax = Medicare tax= $15.16 Social Security tax- $218.37 Medicare tax= $152.58 Social Security tax = $217.37 Medicare tax $151.58 O Social Security tax - $2173.70 Medicare tax $1515.83
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