Question
Compute Darryl’s total social security and Medicare taxes for the third quarter if she is self employed and earns 1,420 on a weekly basis
Answers
GPT 3.5
To calculate Darryl's total social security and Medicare taxes for the third quarter, we first need to determine her net earnings for the quarter.
Since she earns $1,420 on a weekly basis, her total earnings for the quarter would be $1,420 multiplied by 13 weeks (the number of weeks in the third quarter), which equals $18,460.
For self-employed individuals, the social security tax rate is 12.4% and the Medicare tax rate is 2.9%.
Social Security tax:
$18,460 x 12.4% = $2,287.84
Medicare tax:
$18,460 x 2.9% = $535.14
Therefore, Darryl's total social security and Medicare taxes for the third quarter would be $2,287.84 + $535.14 = $2,822.98.
Since she earns $1,420 on a weekly basis, her total earnings for the quarter would be $1,420 multiplied by 13 weeks (the number of weeks in the third quarter), which equals $18,460.
For self-employed individuals, the social security tax rate is 12.4% and the Medicare tax rate is 2.9%.
Social Security tax:
$18,460 x 12.4% = $2,287.84
Medicare tax:
$18,460 x 2.9% = $535.14
Therefore, Darryl's total social security and Medicare taxes for the third quarter would be $2,287.84 + $535.14 = $2,822.98.