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. Beverly McCoy earns a monthly salary of $4,950. Compute the amount deducted for Social Security and Medicare from McCoy's December paycheck.

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. Beverly McCoy earns a monthly salary of $4,950. Compute the amount deducted for Social Security and Medicare from McCoy's December paycheck.​

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. Beverly McCoy earns a monthly salary of $4,950. Compute the amount deducted for Social Security and Medicare from McCoy's December paycheck.​