contestada

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $125,000. Use $106,800 for maximum taxable earnings. (Soc Sec 6. 2%, taxed up to $106,800 and Medicare 1. 45%). A. Social Security tax: $77,500. 00, Medicare tax: $18,125. 00 b. Social Security tax: $7,750. 00, Medicare tax: $1,812. 50 c. Social Security tax: $66,216. 00, Medicare tax: $18,125. 00 d. Social Security tax: $6,621. 60, Medicare tax: $1,812. 50.

Respuesta :

ashishdwivedilVT

Social security tax and Medicare taxes are $6621.6 and  $1812.5 respectively.

It is given that

Annual salary = $125,000

Maximum taxable earnings = $106,800

Social security tax= 6.2%

Medicare tax = 1.45%

What is the percentage?

The percentage is the value per hundred.

As it is given, Social security tax will be applied on maximum taxable earnings while Medicare tax will be applied on annual salary.

So, social security tax = 6.2% of $106,800 = 6.2*106800/100 = $6621.6

Medicare tax = 1.45% of  $106,800 = 1.45 * 125000/100 = $1812.5

Therefore, Social security tax and Medicare taxes are $6621.6 and  $1812.5 respectively.

To get more about percentage visit:

https://brainly.com/question/24304697

ACCESS MORE
ACCESS MORE
ACCESS MORE
ACCESS MORE

Otras preguntas