Asked by Julian Torres on May 09, 2024
Verified
Refer to the Social Security and Medicare information. Eric Garcia's cumulative wages for the year not including the current pay period total $95,100. Calculate the amount of Social Security and Medicare to be withheld from Garcia's current gross pay of $3,980.
Old Age Survivors and Disability Insurance (OASDI)
A federal program in the United States that provides benefits to retired individuals, survivors of insured workers, and disabled individuals.
Hospital Insurance (HI)
A form of health insurance that covers hospitalization, certain types of surgery, and additional inpatient services.
Cumulative Wages
The total amount of wages earned by an employee over a specified period, including all bonuses, overtime, and other earnings.
- Calculate Social Security and Medicare withholdings for an individual employee.
Verified Answer
ES
Ersin SakinaMay 14, 2024
Final Answer :
$206.51 (97,500 95,100 = 2,400; 2,400 0.062 = 148.80) + (3,980 0.0145 = 57.71)
Learning Objectives
- Calculate Social Security and Medicare withholdings for an individual employee.