Quiz 2.4-2.5 - from his check this pay period for Social...

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Money Management Name:_______________________ Quiz 2.4-2.5 Date:______________Period:____ Use the social security tax rate of 6.2% of the first $62,700 and Medicare tax rate of 1.45% on all income in solving. 1. Tammy earns $457 a week. For the last week of December, how much will be withheld from her check for Social Security? What amount is withheld for Medicare? SS:_________ Medicare:_________ 2. You currently earn $28,000 annually. How much is deducted semimonthly for Social Security and Medicare? SS:_________ Medicare:_________ 3. Alex earns $3000 dollars this pay period. His earnings to date are $61,700. How much is withheld
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Unformatted text preview: from his check this pay period for Social Security and Medicare? SS:_________ Medicare:_________ 4. John earns $30,000 annually. The annual cost of medical insurance coverage is $4500. His company will pay 65% of the cost. How much is John responsible for each year? Medical insurance cost:_________ 5. Reas annual gross salary is $52,000. The annual cost of medical insurance is $3600 and dental insurance is $900. The company pays 80% for medical and 55% for dental. How much is deducted from Reas check each week for medical and dental? TOTAL insurance cost:__________...
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This note was uploaded on 01/24/2012 for the course HUM 9999 taught by Professor Variousprofessorslisted during the Summer '06 term at Abilene Christian University.

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