Solve the problem using 6.2%, up to $128,400 for Social Security tax and using 1.45%, no wage limit, for Medicare tax.
1 answer:
Based on the social security tax rate and the Medicare tax, the monthly Social security is $109.12 and the Medicare tax is $25.52.
<h3>What is monthly social security act?</h3>
Graham, C. has not reached the $128,400 threshold for social security so the Social Security tax withholding for the month will be:
= Monthly salary x Social security rate
= 1,760 x 6.2%
= $109.12
The Medicare has no limit and so will be:
= 1,760 x 1.45%
= $25.52
Find out more on Social Security and Medicare at brainly.com/question/27677508.
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