Lana Powell has cumulative earnings of $97,000 at the end of September. In the first week of October, she earns $2,000. Assume Social Security rate of 6.2% on $97,500 and Medicare rate of 1.45%. The amount deducted for Social Security and Medicare from her check is.
This is what I have done.
Social Security
97,500- 97,000=500 times 0.062= 31.00
Medicare
2000 times 0.0145= 29.00
Add 31.00 and 29.00 = 60.00
This is what I have done.
Social Security
97,500- 97,000=500 times 0.062= 31.00
Medicare
2000 times 0.0145= 29.00
Add 31.00 and 29.00 = 60.00
