How much is the tax for social security and medicare

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Reference no: EM132041686

Question: Please answer this question with providing the calculations asap, thank you.

Molly Flynn, an accountant of Coor Company, earned $96,800 from January to June. In July, Molly earned $4,600. Assume a tax rate of 6.2% for social security on the first $97,500 and Medicare of 1.45%. How much is the tax for Social Security and Medicare? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM132041686

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