5. caleb: gross weekly pay $1,900. earning to date: $91,200. what is his social security, medicare taxes…
5. caleb: gross weekly pay $1,900. earning to date: $91,200. what is his social security, medicare taxes withholding for his current paycheck?\n6. nate: gross semi - monthly pay $5,136.98. earning to date: $102,739.60. what is his social security, medicare taxes and total withholding for his current paycheck?
Answer
Explanation:
Step1: Identify Social - Security tax rate
The Social - Security tax rate is 6.2% (a common rate for employees in the US).
Step2: Calculate Social - Security withholding for Caleb
Caleb's gross weekly pay is $1,900. The Social - Security withholding is calculated as the gross pay times the tax rate. So, $1900\times0.062 = 117.8$.
Step3: Calculate Social - Security withholding for Nate
Nate's semi - monthly pay is $5,136.98. First, find his annual pay: $5136.98\times24 = 123287.52$. The Social - Security withholding is calculated on the earnings up to the Social - Security wage base. Assuming no wage - base limit issue for simplicity, the semi - monthly Social - Security withholding is $5136.98\times0.062=318.49276\approx318.49$.
Answer:
Caleb's Social - Security withholding: $117.8 Nate's Social - Security withholding: $318.49