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. Michele Baker's cumulative wages for the year not including the current pay period total $98,500. Calculate the amount of Social Security and Medicare to be withheld from Baker's current gross pay of $3,500.

Question

Social Security and Medicare
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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. Michele Baker's cumulative wages for the year not including the current pay period total $98,500. Calculate the amount of Social Security and Medicare to be withheld from Baker's current gross pay of $3,500.​

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. Michele Baker's cumulative wages for the year not including the current pay period total $98,500. Calculate the amount of Social Security and Medicare to be withheld from Baker's current gross pay of $3,500.​