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7 January, 08:26

Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,940. Each period he makes a 401 (k) contribution of 14% of gross pay and contributes $120 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $91,500.

Social Security tax = $

Medicare tax = $

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Answers (1)
  1. 7 January, 08:51
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    Social Security Tax = $ 244.28

    Medicare tax = $ 57.13

    Explanation:

    Social Security Tax: $3,940 x 6.20% = $244.28

    Medicare tax: $3,940 x 1.45% = $ 57.13
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