Molly Flynn, an accountant at Coor Company, earned $102,800 from January to Octo
ID: 3121661 • Letter: M
Question
Molly Flynn, an accountant at Coor Company, earned $102,800 from January to October. In November, Molly earned $8,500. Assume a tax rate of 6.2% for Social Security on a $110,100.00 base and a Medicare tax rate of 1.45%. How much is deducted from Molly’s pay for Social Security and for Medicare for the November pay period? Molly Flynn, an accountant at Coor Company, earned $102,800 from January to October. In November, Molly earned $8,500. Assume a tax rate of 6.2% for Social Security on a $110,100.00 base and a Medicare tax rate of 1.45%. How much is deducted from Molly’s pay for Social Security and for Medicare for the November pay period?Explanation / Answer
total amount earned = 102,800 + 8500 = 111300
the tax rate = 0.062 * 110,100 = 6826.2
medicare tax rate = 0.0145*111,300 = 1613.85
total tax rate = 8440.05
the amount deducted from November salary is $ 8440.05
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