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.
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