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1 year ago

Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.

Mathematics

1 answer:

N76 [4]1 year ago

7 0

Based on the Social security tax and the Medicare tax, the amounts for the payroll manager are:

Social security - $145.70
Medicare - $216.78

<h3>What are the Social security and Medicare taxes?</h3>

The Social Security tax is charged on up to $128,400 and the Payroll manager had a salary of $141,000 so far but only $14,950 this month so the social security tax will be calculated:

= 6.2% x (128,400 - (141,000 - 14,950))

= $145.70

The Medicare tax has no limit:

= 14,950 x 1.45%

= $145.70

Monthly Social security:

= 7,960.80 / 12

= $216.78

Find out more on Medicare tax at brainly.com/question/23706698

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