anonymous
  • anonymous
to date jay ward has a cumulative earnings of $95,000. this week he is paid $3000. the total amount of social security tax for this week(assume a rate of 6.2% on 97,500 for social security and 1.45% for medicare).
Mathematics
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anonymous
  • anonymous
to date jay ward has a cumulative earnings of $95,000. this week he is paid $3000. the total amount of social security tax for this week(assume a rate of 6.2% on 97,500 for social security and 1.45% for medicare).
Mathematics
schrodinger
  • schrodinger
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At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

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gw2011
  • gw2011
$95,000 cumulative + $3000 current week = $98,000 Since the $98,000 is over the maximum social security limit of $97,500, you calculate the social security as follows: Social Security: $97,500 - $95,000 = $2500 ($2500)(0.062) = $1550 This is the social security tax Medicare: ($3000)(0.0145) = $43.50 This is the medicare tax since there is no maximum limit

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