clearly, that will be
(0.124 + 0.029)*2040*3
since 12*2040 < 117,000
Brian is self-employed. If he earns $2,040 monthly, what will be his total social security and Medicare taxes for the first quarter? For self-employed persons, social security tax is 12.4% of wages up to $117,000, and Medicare tax is 2.9% of all wages.
1 answer