clearly, the deduction will be
.062*3260 + .0145*3260
It will be the same for all her paychecks, since her annual earnings will fall well short of the SS cutoff point.
What will be the total deduction for social security and Medicare taxes on Lily's next monthly paycheck of $3,260 if she has already earned $29,340 this year? Social security tax is 6.2% of wages up to $106,800. Medicare tax is 1.45% of all wages.
1 answer