Question

Calculate the annual social security tax (6.2 percent of total income) and the annual Medicare tax (1.45 percent of total income from an income that's $33,072).

Answer 1

To calculate the annual social security tax and the annual Medicare tax, multiply the total income by the respective tax rates.

Step-by-step explanation:

To calculate the annual social security tax and the annual Medicare tax, we need to know the total income. From the information given, the total income is $33,072.

For the annual social security tax, we multiply the total income by the tax rate of 6.2%:

Social Security tax = $33,072 * 6.2% = $2,048.54

For the annual Medicare tax, we multiply the total income by the tax rate of 1.45%:

Medicare tax = $33,072 * 1.45% = $479.28