Ron Smith has cumulative earnings of $110,100. This week he is paid $2,000. Assuming the Social Security rate is 6.2% on $128,400 and 1.45% for Medicare, what is the amount of Social Security and Medicare taken out of Ron's earnings?
What will be an ideal response?
Social Security: $124; Medicare: $29.00
Social Security: $2,000 × .062 = $124; Medicare: $2,000 × .0145 = $29.00.
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