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.
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
1 answer
1 answer