Chapter 9.II, Problem 7RE

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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 |

Jagger, R. | $105,200 | $4,700 | _______ |
_______ |

To determine

**To calculate:** The monthly withholdings for social security and Medicare of Jagger, R. with gross earnings of $4,700 monthly with year to date earnings $105,200.

Explanation

**Given Information:**

The provided tax rates for social security is

**Formula used:**

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

**Calculation:**

The provided information is,

Tax rate for social security is

Consider the formula for social security tax and Medicare tax,

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