Question

Solve the following problems using 6.2%, up to $128,400 for social security tax and 1.45% for medicare tax. brian hickman is an executive with westco distributors. his gross earnings are $11,200 per month. what are the withholdings for social security for brian in his january paycheck?

Answer 1

To calculate the withholdings for Social Security for Brian in his January paycheck, multiply his gross earnings by the Social Security tax rate of 6.2%. Therefore, the withholdings for Social Security for Brian in his January paycheck would be $694.40.

Step-by-step explanation:

To calculate the withholdings for Social Security for Brian in his January paycheck, we can use the formula:

Social Security Withholding = Gross Earnings * Social Security Tax Rate

Given that the gross earnings are $11,200 per month and the Social Security tax rate is 6.2%, we can substitute these values into the formula:

Social Security Withholding = $11,200 * 0.062

Calculating the result:

Social Security Withholding = $694.40

Therefore, the withholdings for Social Security for Brian in his January paycheck would be $694.40.