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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Solve the following problems using 6.2%, up to $117,000, for social security tax and 1.45%, no wage limit, for Medicare tax.

What are the social security and Medicare withholdings for an executive whose annual gross earnings are $118,430?

To determine

To calculate: The withholdings for social security and Medicare for an employee with gross earnings of $118,430 annually.

Explanation

Given Information:

The provided tax rates for social security are 6.2% and for Medicare is 1.45% with gross earnings $118,430 annually.

Formula used:

To find the social security and Medicare withholdings with gross earnings and given tax rate is,

Social security tax=gross earnings×tax rate (6.2%)Medicare tax=gross earnings×tax rate (1.45%)

Calculation:

The provided information is,

Tax rate for social security is 6.2% and tax rate for Medicare is 1.45% with gross earnings of

$118,430 annually.

As,

Social security tax=gross earnings×tax rate (6.2%)Medicare tax=gross earnings×tax rate (1

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