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Calculate the social security and medicare tax that would be applied to an annual salary of $125,000. use $106,800 for maximum taxable earnings.

Calculate the social security and medicare tax that would be applied to an annual salary of $125,000. use $106,800 for maximum taxable earnings.
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calculate the social security and medicare tax that would be applied to an annual salary of $125,000. use $106,800 for maximum taxable earnings.

User Rajagp
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2 Answers

3 votes

Answer:

The answer is D on Edge

Explanation:

User Rohit Khatri
by
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Social security tax is 12.4% of maximum taxable earnings = 0.124 x 106,800 = $13,243.20

Medicare tax = 2.9% of earned income = 0.029 x 125,000 = $36,250
User Shane Powell
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