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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 75
Find the Social Security tax and the Medicare tax for each of this amounts of gross earnings. Assume a 6.2% FICA rate and a 1.45% Medicare tax rate. (See Example.)
$463.24
EXAMPLE
Finding FICA Tax and Medicare Tax
Help Jessica Ramirez, the manager at a local Panera Bread, find the Social Security and Medicare tax that must be withheld from the weekly earnings of two employees.
(a) Kelleher: $362.40 gross earnings
(b) Kimbrel: $468.02 gross earnings
SOLUTION
In each case, the tax is rounded to the nearest cent.
(a)
(b)
$463.24
EXAMPLE
Finding FICA Tax and Medicare Tax
Help Jessica Ramirez, the manager at a local Panera Bread, find the Social Security and Medicare tax that must be withheld from the weekly earnings of two employees.
(a) Kelleher: $362.40 gross earnings
(b) Kimbrel: $468.02 gross earnings
SOLUTION
In each case, the tax is rounded to the nearest cent.
(a)
(b)
Explanation
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In order to find the Social Security tax...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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