Question

HELP!

Frank Columbo, a police detective, has a gross weekly income of $1,052.00. His earnings
to date for this year are $31,560. How much is deducted from his paycheck each week for
Social Security? How much for Medicare? What is his yearly salary?

Answer 1

• Social Security tax = $65.22
• Medicare = $15.25
• Yearly Salary = $54,704

Step-by-step explanation:

Social Security tax for 2021 is 6.2% on the first $142,800 earned for the year.

Mr. Columbo falls under the limit so will pay the 6.2%.

Social security = 6.2% * 1,052

= $65.22 per week

Medicare is 1.45% with no limits:

= 1.45% * 1,052

= $15.25

Yearly Salary:

= Salary per week * Number of weeks in year

= 1,052 * 52

= $54,704