for 2020, the social security tax rate was 6.2% (amount withheld) each for the employer and employee (12.4%…

for 2020, the social security tax rate was 6.2% (amount withheld) each for the employer and employee (12.4% total). the social security wage base limit was $137,700. the tax rate for medicare was 1.45% (amount withheld) each for the employee and employer (2.9% total). there was no wage base limit for medicare tax; all covered wages were subject to medicare tax. in 2020, rob was paid $415.19 per week as a cook for freaky fast food. determine the weekly withholding for social security. $ determine the weekly withholding for medicare. $ question help: message instructor

for 2020, the social security tax rate was 6.2% (amount withheld) each for the employer and employee (12.4% total). the social security wage base limit was $137,700. the tax rate for medicare was 1.45% (amount withheld) each for the employee and employer (2.9% total). there was no wage base limit for medicare tax; all covered wages were subject to medicare tax. in 2020, rob was paid $415.19 per week as a cook for freaky fast food. determine the weekly withholding for social security. $ determine the weekly withholding for medicare. $ question help: message instructor

Answer

Explanation:

Step1: Calculate social - security withholding

The social - security tax rate for the employee is 6.2%. Rob's weekly pay is $415.19. The formula for calculating the social - security withholding is $Withholding = Pay\times Tax\ rate$. So, $Withholding_{social\ security}=415.19\times0.062$. $415.19\times0.062 = 25.74178\approx25.74$

Step2: Calculate Medicare withholding

The Medicare tax rate for the employee is 1.45%. Using the formula $Withholding = Pay\times Tax\ rate$, we have $Withholding_{Medicare}=415.19\times0.0145$. $415.19\times0.0145 = 6.020255\approx6.02$

Answer:

The weekly withholding for social security is $$25.74$. The weekly withholding for Medicare is $$6.02$.