Calculate the Monthly Social Security and Medicare Withholding for the Employee

question 84

Short Answer

Calculate the monthly social security and Medicare withholding for the employee, rounding to nearest cent (Social security tax is 6.2% of wages up to $128,400. Medicare tax is 1.45% of all wages): Employee $\quad$ Year to Date Earnings $\quad$ Current Month $\quad$ Social Security $\quad$ Medicare
Davis, C. $\quad\quad \$ 32,516 \quad\quad\quad\quad\quad\quad \$ 3,514$

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Definitions:

Units

Basic quantifiable measures used to determine or express the amount of a product or service.

Flexible Budget

A budget that adjusts or flexes with changes in volume or activity level.

Budgeting Formulas

Mathematical expressions used to allocate resources, plan future finances, and guide financial decision-making in the budgeting process.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and are an integral part of the finished product.