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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

As the payroll manager for Freeport enterprises, it is your task to calculate the monthly social security and Medicare withholdings for the following employees.

Employee Year-to-Date Earnings Current Month Social Security Medicare
Graham, C. $14,800 $1,540 ______ ______

To determine

To calculate: The monthly withholdings for social security and Medicare of Graham, C. with gross earnings of $1,540 monthly.

Explanation

Given Information:

The provided tax rates for social security is 6.2% and for Medicare is 1.45% with monthly gross earning of Graham, C. is $1,540.

Formula used:

The formula for social security and Medicare withholdings with monthly gross earnings and given tax rate,

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 monthly gross earnings of Graham, C. is $1,540.

Consider the formula for social security tax and Medicare tax,

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

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