The social security and Medicare deductions for the following employee are $7768 and $1816 respectively.
What is arithmetic?
Arithmetic is an elementary a part of arithmetic that consists of the study of the properties of the normal operations on numbers—addition, subtraction, multiplication, division, mathematical process, and extraction of roots
Main body:
Cumulative Earnings before this pay period = $128,300
pay amount this period = $3000
tax rate of 6.2% on social security = 6.2%
effective earning = 128300 = 3000
= 125300
social security deduction = 6.2 % of 125300
⇒ 6.2 *125300 /100
⇒$7768
Medicare deductions = 1.45%
⇒ 1.45*125300/100
⇒$1816
Hence , the social security and Medicare deductions for the following employee are $7768 and $1816 respectively.
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