Question

What is

the employee yearly
contribution to the
U.S. Medicare tax
on a salary of
$24,000?
A. $1,488
C. $696
Total Due:
Employer's
Responsibility:
Employee's
Responsibility:
FICA Taxes
Social Security
12.40%
6.20%
6.20%
B. $2,976
D. $348
Medicare
2.90%
1.45%
1.45%

Answer 1

Answer: C

Step-by-step explanation:

To calculate the employee's yearly contribution to the U.S. Medicare tax on a salary of $24,000, you need to consider the Medicare tax rate, which is 2.9%, and apply it to the entire salary.

Medicare Tax (Employee's Responsibility) = Salary x Medicare Tax Rate

Medicare Tax (Employee's Responsibility) = $24,000 x 0.029

Medicare Tax (Employee's Responsibility) = $696

So, the correct answer is:

C. $696