Answer:
$1,958.23
Step-by-step explanation:
Annual income = $67,525
Total FCIA = 15.3% of salary
Since my annual income is $67,525 the FCIA contribution = 15.3%.
But 12.4% is for Social Security.
The remaining 2.9%(15.3% - 12.4%) will be for Medicare taxes.
The total deduction for I and my employer for medicare taxes will be:
2.9% * $67,525
= $1,958.225
The total deduction for medicare would be: $1,958.23
Note: Assuming we were asked to calculate only employee's medicare, the deduction would be 50% of $1,958.23.
