Question

Jake got his first job in 2010. In that year, the government took out 7.45% of each income for Social Security and Medicare, until a person made $51,300. If Jake earned $31,340 in 2010, how much did he pay to Social Security and Medicare? Clearly show your work.

Answer 1

Jake's Social Security and Medicare for the year 2010 is $2,334.83

What threshold of income does 7.45% as Social Security and Medicare?

The threshold in this case refers to a range of income that would be charged to Social Security and Medicare at  the rate of 7.45%, in essence, it is the income of $0 to $51,300, since Jake's income falls within the range, his Social Security and Medicare payment would be 7.45% of his income .

Social Security and Medicare payment=rate*Jake's income

rate=7.45%

Jake's income= $31,340

Social Security and Medicare payment=7.45%*$31,340

Social Security and Medicare payment=$2,334.83

The amount that Jake would have paid out of his income of $31,340 as Social Security and Medicare in the tax year of 2010 is $2,334.83.

The fact that Jake's income did not exceed the initial threshold of $51,300 means that the higher rate of Social Security and Medicare payment would not apply in this case.

Find out more about Social Security and Medicare on:brainly.com/question/19815763

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