An employee earns $9,450 for the current period. The cumulative earnings of previous pay periods is $118,700. Social security tax applies to the first $127,200 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 |
* $127,200 ? $118,700 = $8,500 taxable for Social Security; $8,500 * .062 =$527
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