Molly flynn, an accountant at coor company, earned $102,800 from january to october. in november, molly earned $8,500. assume a tax rate of 6.2% for social security on a $110,100.00 base and a medicare tax rate of 1.45%. how much is deducted from molly’s pay for social security and for medicare for the november pay period?

Amount of Money deducted = $77.35

In the question,

The amount of money earned by Molly Flynn, from January to October = $102,800

Amount of money earned by Molly in November = $8,500

Total money earned by Molly = $111,300

Rate of tax for Social Security = 6.2 %

Rate of tax for Medicare tax = 1.45 %

So,

Total tax paid by Molly = 6.2 + 1.45 = 7.65 %

Base amount = $110,100

So,

Total tax to be paid by Molly = 7.65 % of Base Amount

Total tax to be paid by Molly = $8,422.65

Therefore, Amount of Money deducted from November's Pay Period = $8,500 - $8,422.65 = $77.35