Final answer:
To calculate the deductions for Social Security and Medicare from Dane Cotter's gross biweekly pay of $560, the Social Security tax of 6.2% and the Medicare tax of 1.45% are applied. The total deductions amount to $42.84.
Step-by-step explanation:
The subject of this question is related to calculating the total amount of deductions for Social Security and Medicare from an employee's biweekly pay. To calculate the Social Security and Medicare deductions from Dane Cotter's gross biweekly pay of $560, we apply the respective tax rates: Social Security tax at 6.2% and Medicare tax at 1.45%. The calculations are as follows:
- Social Security deduction: $560 × 6.2% = $560 × 0.062 = $34.72
- Medicare deduction: $560 × 1.45% = $560 × 0.0145 = $8.12
The total deductions for Social Security and Medicare are $34.72 + $8.12 = $42.84.