Answer:
defined contribution plan
Step-by-step explanation:
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.
The employer's contribution is the total cost of the plan minus what Melissa pays, which can be found by subtracting Melissa's contribution from the total cost of the plan.
So, the employer's monthly contribution to the total cost of the plan is $475-$85=$390.
Therefore, over the course of one year, the employer would contribute $390*12=$4680.
Answer:
Step-by-step explanation:
36 divided by 3. I think.