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Social Security and MedicareThe required deduction for Social Security is 6.2% OASDI (Old Age ...

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Social Security and MedicareThe required deduction for Social Security is 6.2% OASDI (Old Age ...

Social Security and Medicare

The required deduction for Social Security is 6.2% OASDI (Old Age Survivors and Disability Insurance) of wages earned, to a maximum of $97,500 and 1.45% HI (Hospital Insurance, commonly known as "Medicare") for all earnings.

Refer to the Social Security and Medicare information. Compute the deduction for Social Security and Medicare during the period of a year assuming a person earns $112,000.

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Contemporary Business Mathematics for Colleges

Edition: 16^th

Authors: Deitz, Southam

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