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Firlakuza [10]
3 years ago
12

John is a High School principal. He earns $62,299.92 a year and is paid on a semimonthly basis. How much is deducted per pay per

iod for Social Security? How much for Medicare?
Mathematics
1 answer:
LenKa [72]3 years ago
8 0

Answer alongwith Step-by-step explanation:

<u>1. Social Security</u>

Here Gross income = $62,300

Step 1 Find semiannual income

Semimonthly gross income = $62,300 / 24 = $2595.83

Step 2 Find the social security liability using social security rate and annual income

Social security rate is 6.2%

Social Security Liability = 6.2% x $2595.83 = $160.94 semimonthly payments

Step 3 Find the social security liability using social security rate and annual income

Deduction amount for Social security on monthly basis = $160.94 *2 =

$321.88 per month

<u>2. Medicare</u>

Here Gross income = $62,300

Step 1 Find semiannual income

Semiannual Gross income = $62,300 / 24 = $2595.83

Step 2 Find the social security liability using Medicare rate and annual income

Medicare rate is 1.45%

Medicare Liability = 1.45% x $2595.83 = $37.64 semimonthly payments

Step 3 Find the social security liability using Medicare rate and annual income

Deduction amount for Social security on monthly basis = $160.94 *2

= $75.28 per month

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