What would be the total Social Security and Medicare contribution for an employee with taxable wages of $700 for the week?

To determine the total Social Security and Medicare contribution for an employee with taxable wages of $700, it is important to apply the correct tax rates for both components.

Social Security tax is calculated at a rate of 6.2% on wages up to the annual wage base limit, while Medicare tax is applied at a rate of 1.45% on all taxable wages.

First, calculate the Social Security contribution:

• Social Security contribution = $700 x 0.062 = $43.40

Next, calculate the Medicare contribution:

• Medicare contribution = $700 x 0.0145 = $10.15

Now, add both contributions together to find the total:

• Total contribution = Social Security contribution + Medicare contribution

• Total contribution = $43.40 + $10.15 = $53.55

This results in a total Social Security and Medicare contribution of $53.55 for an employee earning $700 in taxable wages for the week.