Matty Kim, an accountant for Vernitron, earned $11,000 from January to June. In July, Matty earned $20,000. Assume atax rate of 6.2% for Social Security on $118,500 and 1.45% on Medicare. How much are the July taxes for Social Securityand Medicare?Social SecurityMedicare

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Answered: Matty Kim, an accountant for Vernitron,…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Matty Kim, an accountant for Vernitron, earned $111,000 from January to June. In July, Matty earned $20,000. Assume a tax rate of 6.2% for Social Security on $118,500 and 1.45% on Medicare. How much are the July taxes for Social Security and Medicare? Social Security Medicare