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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3c8fe3c-8835-47e4-86e8-64906dff1061%2F787ef790-bfd6-42d0-bd04-a3666f9c156f%2Fcsqn9lg_processed.png&w=3840&q=75)
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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