Question

Sorola Carter's gross weekly pay is $698. His earnings to date for the year total $20,940. What amount is deducted from his pay this week for Social Security, which is taxed at 6.2 percent? For Medicare, which is taxed at 1.45 percent?

Answer 1

Social Security: `$43.00`

Medicare: `$10.00`

Explanation:

The "earnings to date" are irrelevant to the problem. Thee question asks for a percentage of the weekly amount. A"percent" is literally "per hundred" (cent). To make the decimal value again to multiply by the base amount, you just divide it by 100: `6.2% = 6.2/100`.

So, with a base of `($698)/"week"` the relevant taxes retained are:

Social Security: `6.2/100 xx 698 = $43.00`

Medicare: `1.45/100 xx 698 = $10.00`