Rewrite each equation in slope-intercept form.
1 answer:
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Answer:
1.medicare tax paid by Michael=0
2.medicare tax paid by employer=1780.5
Step-by-step explanation:
total earning of michael as of 10/15=$116,800
earning of michael as of 10/31=$6,000
Total Earning as of 10/31=$116,800+$6,000=$122,800
security tax=6.25%
6.25%of $122,800 is
security tax=×122,800
security tax=7675 dollar
earning of michael after deducting security tax=122800-7675=115125
Medicare tax will be 1.45% on $122,700 earning or more
since michael earning after payment of security tax is 115125
that's why michael will pay zero medicare tax
medicare tax paid by michael =0
while his employer will pay medicare tax of 1.45% 0f 12,800
medicare tax paid by employer=×122,800
medicare tax paid by employer=1780.5