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Discuss about the social security and medicare taxes

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Question: Bob works for Seymour Engines, which pays employees on a semi-monthly basis. Bob's annual salary is $108,000. Calculate the following for pay dates November 15th and December 31st: Prior YTD earnings, Social Security taxable wages, Medicare taxable wages, and employers share of social security and medicare taxes. Tax rates are 6.2% for Social Security and 1.45% for Medicare.

Reference no: EM131734933

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