Math Problem Statement

A paving company has 24 employees, 15 with gross earnings of $355 per week and nine with gross earnings of $385 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year?

Solution

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Math Problem Analysis

Mathematical Concepts

Percentage Calculation
Taxation
Arithmetic

Formulas

Total weekly earnings = (Number of employees earning X per week) * X + (Number of employees earning Y per week) * Y
Total quarterly earnings = Total weekly earnings * Number of weeks in the quarter
Social Security tax = Total quarterly earnings * Social Security tax rate
Medicare tax = Total quarterly earnings * Medicare tax rate

Theorems

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Suitable Grade Level

Grades 10-12