Question

Marika Perez’s gross biweekly pay is $2,768. Her earnings to date for the year total $80,272. What amount is deducted from her pay for Social Security taxes if the rate is 6.2%? What amount is deducted for Medicare, which is taxed at 1.45%?

Answer 1

The deduction for social Security tax is $4976.86 and the deduction for Medicare tax is $1163.94 .

Explanation:

Marika Perez’s gross biweekly pay is $2,768. Her earnings to date for the year total $80,272.

What amount is deducted from her pay for Social Security taxes if the rate is 6.2%?

`0.062*80272=4976.86` dollars

What amount is deducted for Medicare, which is taxed at 1.45%?

`0.0145*80272=1163.94` dollars