Question

Marcus earned $54,000 last year when the Social Security tax was 6.2% of income up to $94,200. His Medicare tax was 1.45%. How much did he pay in Social Security and Medicare taxes last year?

Answer 1

Given =

Marcus earned $54,000 last year. social s ecurity tax was 6.2% and medicare tax was 1.45%

Find out he pay in Social Security and Medicare taxes last year.

To proof

Marcus earned last year = $ 54000

Social Security tax = 6.2%

Medicare tax = 1.45%

First find out the social security tax

6.2 % written in the simpler form =
`(6.2)/(100)`

= 0.062

Social Security tax last year = .062×54000

= $ 3348

find out Medicare taxes

1.45% Medicare tax written in the simpler form =
`(1.45)/(100)`

= 0.0145

Medicare taxes last year = 0.0145 × 54000

= $743

Total tax last year = $743 + $3348

= $ 4131

Hence proved

Answer 2

Social security tax amount = $3348

Medicare tax amount = $743

Step by step explanation

The amount earned by Marcus = $54000

Social security tax = 6.2% = 6.2/100 = 0.062

Social security tax amount = 54000*0.062

Social security tax amount = $3348

Medicare tax = 1.45% = 1.45/100 = 0.0145

Medicare tax amount = 54000*0.0145

Medicare tax amount = $743

Hope this will help you.