**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]

FICA tax is calculated on gross salary

Answered: Solve the problem using 6.2%, up to…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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