17. Fandango Furniture Manufacturing, Inc. has 40 employees on the assembly line, each with gross earnings of $325 per week. What are the total combined social security and Medicare taxes that should be withheld from the employees’ paychecks each week? (Points : 2)

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/240/~/social-security-and-medicare-tax-rates%3B-maximum-taxable-earnings

40 employees each gross $325 p/w. What are the total combined social security & medicare taxes that should be withheld from employees paychecks each week?

paychecks each week will be as follows : $325 x 40 = $13,000 (gross earnings /week) $13,000 x 0.062 = $806 (total combined social security) $13,000 x 0.0145 = $188.50 (total medicare taxes)

social security : 806
medicare: 188.50

What are the total social security and Medicare taxes that should be withheld from the employees' paychecks each week?

Social security: $
Medicare: $

To calculate the total combined social security and Medicare taxes that should be withheld from the employees' paychecks each week, we need to know the tax rates for each of these taxes.

As of 2020, the social security tax rate is 6.2% and the Medicare tax rate is 1.45%.

To find the total amount withheld from each employee's paycheck, we first need to calculate their gross earnings. Each employee has a gross earnings of $325 per week, so the amount subject to these taxes is $325.

To calculate the social security tax that should be withheld from each employee's paycheck, we multiply their gross earnings by the social security tax rate (0.062):

Social security tax = Gross earnings * Social security tax rate
= $325 * 0.062
= $20.15

To calculate the Medicare tax that should be withheld from each employee's paycheck, we multiply their gross earnings by the Medicare tax rate (0.0145):

Medicare tax = Gross earnings * Medicare tax rate
= $325 * 0.0145
= $4.71

Finally, to calculate the total combined social security and Medicare taxes withheld from each employee's paycheck, we add the social security tax and the Medicare tax:

Total taxes withheld = Social security tax + Medicare tax
= $20.15 + $4.71
= $24.86

Therefore, the total combined social security and Medicare taxes that should be withheld from the employees' paychecks each week is $24.86.