Question

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $56,010. a. Social Security tax: $347.26, Medicare tax: $81.22 b. Social Security tax: $3,472.62, Medicare tax: $812.15 c. Social Security tax: $662.16, Medicare tax: $81.22 d. Social Security tax: $6,621.60, Medicare tax: $812.15 Please select the best answer from the choices provided A B C D

Answer 1

Answer: b. Social Security tax: $3,472.62, Medicare tax: $812.15

Explanation:

Current tax rate for social security = 6.2%

Current tax rate for Medicare = 1.45%

Annual salary = $56010

Social security= 6.2% × $56010

= 0.062 × $56010

= $3472.62

Medicare = 1.45% × $56010

= 0.0145 × $56010

= $812.15