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16 March, 05:18

Pat maninen earns a gross salary of $3,000 each week. assume a rate of 6.2% on $118,500 for social security and 1.45% for medicare.

a. what are pat's first week's deductions for social security and medicare? (round your answers to the nearest cent.) deductions social security $ 186 medicare $ 43.5

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  1. 16 March, 08:39
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    Social Security = $186.00

    Medicare = $43.50

    Explanation:

    Since the given rate for Social security is 6.2%, the first week deduction is 6.2% of gross weekly salary, which is $3,000. Hence, the first week deduction for Social Security is given by

    Social Security Deduction = 6.2% of $3,000

    = 0.062 * 3,000 (Change 6.2% to decimal)

    = $186.00

    Similarly, since 1.43% is the given rate for medicare, the first week deduction is 1.43% of the gross weekly salary, which is $3,000. Thus, the first week deduction for medicare is given by

    Medicare Deduction = 1.43% of $3,000

    = 0.0143 * 3,000

    = $43.50
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