Question

find the social security tax and the medicare tax paid by scott mendi for the current pay period. assume all scotts earnings are subject to both taxes and that the fica rate is 6.2% and the medicare rate is 1.45%.

employee	earnings current pay period	fica @ 6.2%	medicare @ 1.45%

what is the fica tax deducted from scotts current gross earnings?
$26.93 (round to the nearest cent.)
the medicare deduction from scotts current gross earnings is $\square
(round to the nearest cent.)

Explanation:

Step1: Identify the earnings and rate

Earnings = $434.28, Medicare rate = 1.45% = 0.0145

Step2: Calculate Medicare tax

Medicare tax = Earnings × Medicare rate = $434.28 × 0.0145
$434.28 × 0.0145 = 6.3 (approx, after rounding to nearest cent)

Answer:

$6.30