Pat Maninen earns a gross salary of $3,650 each week. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. a. What are Pat's first week's deductions for Social Security and Medicare? Note: Round your answers to the nearest cent. Social Security Medicare Deductions b. Will any of Pat's wages be exempt from Social Security and Medicare for the calendar year? Note: Leave no cells blank - be certain to enter "0" wherever required. Social Security Medicare
Pat Maninen earns a gross salary of $3,650 each week. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. a. What are Pat's first week's deductions for Social Security and Medicare? Note: Round your answers to the nearest cent. Social Security Medicare Deductions b. Will any of Pat's wages be exempt from Social Security and Medicare for the calendar year? Note: Leave no cells blank - be certain to enter "0" wherever required. Social Security Medicare
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Pat Maninen earns a gross salary of $3,650 each week. Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare.
a. What are Pat's first week's deductions for Social Security and Medicare?
Note: Round your answers to the nearest cent.
Social Security
Medicare
Deductions
b. Will any of Pat's wages be exempt from Social Security and Medicare for the calendar year?
Note: Leave no cells blank - be certain to enter "0" wherever required.
Social Security
Medicare
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