Michael Miller is paid twice a month and had total gross earnings as of 10/15 of $127,000. His gross eamings for the period ending 10/31 were $6.000 f social security taxes are 6.2% on a maximum earnings threshold of $132,900 per year and Medicare tax is 1.45% on all earnings, how much social security tax will be paid by Michael and how much will be paid by his employer for the period ending 10/31?
Mumple Choice
Michael will pay $372.00 and his employer will pay $106 40
Michael will pay $105.40 and his employer is not required to pay any social security tax.
Michael will pay $365.00 and ive employer will also pay $365.00
Michael will pay $372.00 and his employer will also pay $372.00
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