13.What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,760.00, if she has already earned $48,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.) $249.39 $257.04     $272.34 $287.64

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Chapter14: Planning For Retirement
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13.What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,760.00, if she has already earned $48,560.00 this year? (Social security tax is 6.2% of gross wages up to $128,400. Medicare tax is 1.45% of all gross wages.)

$249.39
$257.04    
$272.34
$287.64
Expert Solution
Step 1

In this question, we will find the total deduction for social security and Medicare

Social security is given = 6.2%

Medicare tax is given = 1.45%

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