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Dr. Josef Young ears an adjusted gross weekly income of $2,502. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000. The Social Security tax is S (Type an integer or a decimal. Round to the nearest cent as needed.) The Medicare tax is S (Type an integer or a decimal. Round to the nearest cent as needed.) D

Dr. Josef Young ears an adjusted gross weekly income of $2,502. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000. The Social Security tax is S (Type an integer or a decimal. Round to the nearest cent as needed.) The Medicare tax is S (Type an integer or a decimal. Round to the nearest cent as needed.) D

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 4E
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Dr. Josef Young eams an adjusted gross weekly income of $2,502. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000. The Social Security tax is S (Type an integer or a decimal. Round to the nearest cent as needed.) The Medicare tax is S (Type an integer or a decimal. Round to the nearest cent as needed.)
Transcribed Image Text:Dr. Josef Young eams an adjusted gross weekly income of $2,502. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? The Social Security tax rate is 6.2% from earnings to be taxed to a maximum annual wage of $118,500. The Medicare tax rate is 1.45% from all earnings to a maximum annual wage of $200,000. The Social Security tax is S (Type an integer or a decimal. Round to the nearest cent as needed.) The Medicare tax is S (Type an integer or a decimal. Round to the nearest cent as needed.)
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