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If the social security tax is 6.2% and the Medicare tax is 1.45% and Murr annual salary is 57,285.50 then what is murrs annual social security deduction

User Rtist
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Answer: Murr's annual social security deduction is the amount of money he pays in social security taxes. Social security tax is 6.2% of Murr's annual salary. To find the annual social security deduction, we can multiply Murr's annual salary by the social security tax rate:

57,285.50 x 6.2% = 3,541.829

Murr's annual social security deduction is 3,541.829

Note that Medicare tax is 1.45% and it's calculated separately, if you want to calculate it you can use the same formula:

57,285.50 x 1.45% = 829.4078

So the total Social security and Medicare tax is 3,541.829 + 829.4078 = 4,371.2368

It's important to note that these are the federal Social Security and Medicare taxes, there might be additional state taxes or deductions that are not included.

Explanation:

User Betamax
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