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

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Matty Kim, an accountant for Vernitron, earned $11,000 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
Transcribed Image Text:Matty Kim, an accountant for Vernitron, earned $11,000 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
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