Asked by kuol wor
Calculate the Social Security and Medicare tax that would be applied to an annual salary of $35,400.
a.
Social Security tax: $2,194.80, Medicare tax: $513.30
b.
Social Security tax: $21,948.00, Medicare tax: $5,133.00
c.
Social Security tax: $6,621.60, Medicare tax: $513.30
d.
Social Security tax: $66,216.00, Medicare tax: $5,133.00
a.
Social Security tax: $2,194.80, Medicare tax: $513.30
b.
Social Security tax: $21,948.00, Medicare tax: $5,133.00
c.
Social Security tax: $6,621.60, Medicare tax: $513.30
d.
Social Security tax: $66,216.00, Medicare tax: $5,133.00
Answers
There are no human answers yet.
Answered by
GPT 3.5
To calculate the Social Security tax, you would multiply the annual salary by the Social Security tax rate. The Social Security tax rate is currently 6.2%.
Social Security tax = $35,400 * 0.062 = $2,194.80
To calculate the Medicare tax, you would multiply the annual salary by the Medicare tax rate. The Medicare tax rate is currently 1.45%.
Medicare tax = $35,400 * 0.0145 = $513.30
Therefore, the correct answer is:
a. Social Security tax: $2,194.80, Medicare tax: $513.30.
Social Security tax = $35,400 * 0.062 = $2,194.80
To calculate the Medicare tax, you would multiply the annual salary by the Medicare tax rate. The Medicare tax rate is currently 1.45%.
Medicare tax = $35,400 * 0.0145 = $513.30
Therefore, the correct answer is:
a. Social Security tax: $2,194.80, Medicare tax: $513.30.
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