Calculate the amount of taxable earnings for Social Security,and medicare

Accounting
Tutor: None Selected Time limit: 1 Day

Mar 6th, 2015

Social Security earnings is 108,700, as the Instruction above the question that is "social security tax is 6.2% on the first $110,100/- of earning for each employee. 

Taxable Medicare earning is Total Gross pay; 950+1215+2415+1750+1450+2120 = $9,900

Taxable Medicare earning = $9,900/-

Medicare Tax is 1.45% on 9,900/- which is $143.55/-

Apr 1st, 2015

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