Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. What are the social security and Medicare withholdings (in $) for an executive whose annual gross earnings are $133,500? Social Security Medicare

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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**Problem Statement:**

Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.

**Question:**

What are the social security and Medicare withholdings (in $) for an executive whose annual gross earnings are $133,500?

**Input Fields:**

- Social Security: $ [Input Box]
- Medicare: $ [Input Box]
Transcribed Image Text:**Problem Statement:** Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax. **Question:** What are the social security and Medicare withholdings (in $) for an executive whose annual gross earnings are $133,500? **Input Fields:** - Social Security: $ [Input Box] - Medicare: $ [Input Box]
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