An employee earns $9,450 for the current period. The cumulative earnings of previous pay periods is $110,000. Social security tax of 6.2% applies to the first $118,500 of employee earnings per calendar year and Medicare tax of 1.45% applies to all earnings. Calculate the total and individual amounts to be withheld for social security, Medicare and federal income tax (15% of earnings).

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The Answer of An employee earns $9,450 for the current period. The cumulative earnings of previous pay periods is $110,000. Social security tax of 6.2% applies to the first $118,500 of employee earnings per calendar year and Medicare tax of 1.45% applies to all earnings. Calculate the total and individual amounts to be withheld for social security, Medicare and federal income tax (15% of earnings).

An Employee Earns $9,450 for the Current Period