Social Security and Medicare

The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings.

-Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the amount of money that would be sent to the IRS for an employee who earns $52,700 during the period of a year.

Question

Social Security and Medicare
​
The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings.
​
-Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the amount of money that would be sent to the IRS for an employee who earns $52,700 during the period of a year.​

Quizplus · Accepted Answer

The Answer of Social Security and Medicare
​
The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings.
​
-Refer to the Social Security and Medicare information. Employers are required to match the employee's deductions and send the total to the IRS. Compute the amount of money that would be sent to the IRS for an employee who earns $52,700 during the period of a year.​