Question

in 2010 the government took out 6.2% of earnings for social security to a maximum taxable income of $106800 and 1.45 earnings for medicare. how much money would someone have to have earned in 2010 so that their total payments to medicare were equal to their payments to social security

Answer 1

To find the income at which the payments to Medicare are equal to the payments to Social Security in 2010, we can set up an equation. However, based on the given deductions, there seems to be a mistake since the equation does not have a solution.

Step-by-step explanation:

To find the amount of income someone would need to have earned in 2010 so that their total payments to Medicare were equal to their payments to Social Security, we can set up an equation.

Let x be the gross annual income.

For Social Security, the deduction is 6.2% of the gross annual income, so the payment would be 0.062x.

For Medicare, the deduction is 1.45% of the gross annual income, so the payment would be 0.0145x.

Setting the two payments equal to each other, we have:

0.062x = 0.0145x

0.062x - 0.0145x = 0

0.0475x = 0

x = 0 / 0.0475

x = $0

Therefore, there is no amount of income that would result in total payments to Medicare being equal to payments to Social Security. It seems there may be a mistake in the given information or context of the question.