[SOLVED] business math
Time reported on Social Security and Medicare taxes. The Tucker family has gross earnings of $2,452 a month ($29,424 for the year). Their yearly deduction for Social Security will be $1,824 with an additional $427 yearly deduction for Medicare. In addition, income tax is deducted on the $2,452 a month, which in essence, taxes the earning twice. Bernie Tucker is married and claims 0 exemptions. Assume a rate of 6.2% on $87,900 for Social Security and 1.45% for Medicare. Using Tables 9.1 and 9.2 in the chapter, (a) what additional amount will be taken out each month for FIT? (b) What is the total deduction per month for Social Security and Medicare? Round to the nearest cent.