For each of the following employees, calculate the Social Security tax for the weekly pay period described
NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation

1. Alfred Morneau earned gross pay of $760. Each period he makes a 401(k) contribution of 3% of gross pay, and his current year taxable earnings for Social Security tax, to date, are $61,500
Total Social Security tax = $
2. Rachel Schillo eamed gross pay of $2,300. She does not make any retirement plan contributions, and her current year taxable earnings for Social Security tax, to date, are $106,400.
Total Social Security tax = $

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The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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