Question

What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,960.00, if she has already earned $42,560.00 this year? (Social security tax is 6.2% of gross wages up to $106,800. Medicare tax is 1.45% of all gross wages.)

Answer 1

Compute Austin's total social security and Medicare taxes for the fourth quarter, if she is self-employed and earns $5,000.00 on a semimonthly basis. (For self-employed persons, social security tax is 12.4% of wages up to $106,800, and Medicare tax is 2.9% of all wages.)

Answer 2

Compute Austin's total social security and Medicare taxes for the fourth quarter, if she is self-employed and earns $5,000.00 on a semimonthly basis. (For self-employed persons, social security tax is 12.4% of wages up to $106,800, and Medicare tax is 2.9% of all wages.)
a.
$1,476.60
b.
$2,295.00
c.
$4,590.00
d.
$4,180.80

Answer 3

$4,180.80