Question

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $56,010.
a.
Social Security tax: $347.26, Medicare tax: $81.22
b.
Social Security tax: $3,472.62, Medicare tax: $812.15
c.
Social Security tax: $662.16, Medicare tax: $81.22
d.
Social Security tax: $6,621.60, Medicare tax: $812.15


Please select the best answer from the choices provided

A
B
C
D

Answer 1

B

Social Security = 56,010 × 6.2% = 56,010 × 0.062 = $3,472.62
Medicare = 56,010 × 1.45% = 56,010 × 0.0145 = $812.15