An employee earns $8,500 for the current period. The cumulative earnings of previous pay periods is $100,900. Social security tax applies to the first $128,400 of employee earnings. Calculate the total and individual amounts to be withheld for social security (6.2%), Medicare (1.45%) and federal income tax (15%).
What will be an ideal response?
| ? | ? |
| FICA-Social security* = | $ 527.00 |
| FICA-Medicare = | 137.03 |
| Federal income tax = | 1,417.50 |
| ? | $2,081.53 |
*$8,500 × .062 =$527
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