Find the Social Security and Medicare taxes on the gross earnings. Assume a 6.2% FICA rate and a 1.45% Medicare rate.
Round to the nearest cent.
-$411.30

Name: Find the Social Security and Medicare taxes on the gross earnings. Assume a 6.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent. -$411.30
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Quizplus · Accepted Answer

Social Security tax is calculated as 6.2% of $411.30, which equals $25.50 (0.062 * 411.30). Medicare tax is calculated as 1.45% of $411.30, which equals $5.96 (0.0145 * 411.30).

Find the Social Security and Medicare Taxes on the Gross