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. The employer must match the employee's deduction and send the total to the IRS. An employer has 15 employees, each earning $27,000 per year; 5 employees, each earning $32,000 a year; and 2 employees, each earning $45,000 a year. Compute the amount the employer pays in matching Social Security and Medicare funds during the 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. The employer must match the employee's deduction and send the total to the IRS. An employer has 15 employees, each earning $27,000 per year; 5 employees, each earning $32,000 a year; and 2 employees, each earning $45,000 a year. Compute the amount the employer pays in matching Social Security and Medicare funds during the 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. The employer must match the employee's deduction and send the total to the IRS. An employer has 15 employees, each earning $27,000 per year; 5 employees, each earning $32,000 a year; and 2 employees, each earning $45,000 a year. Compute the amount the employer pays in matching Social Security and Medicare funds during the year.​