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. Eric Garcia's cumulative wages for the year not including the current pay period total 95,100 . Calculate the amount of Social Security and Medicare to be withheld from Garcia's current gross pay of 3,980.
Question 2
Marge Brown bought 200 shares of Kenworth 50 par 7 preferred stock at the current market price of 58 per share. What is her rate of yield if Kenworth pays the regular dividend for the year?
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