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: $81.22b. Social Security tax: $3,472.62, Medicare tax: $812.15c. Social Security tax: $662.16, Medicare tax: $81.22d. Social Security tax: $6,621.60, Medicare tax: $812.15

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Einstein

Mathematics

21 January, 21:51

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: $81.22b. Social Security tax: $3,472.62, Medicare tax: $812.15c. Social Security tax: $662.16, Medicare tax: $81.22d. Social Security tax: $6,621.60, Medicare tax: $812.15

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Fletcher Ruiz · Answer 1

As an employee, you are to shoulder 6.2% of your salary for the Social Security Tax, and 1.45% of your salary for the Medicare Tax. These are calculated below:

Social Security Tax = $56,010 x 6.2% = $3472.62

Medicare Tax = $56,010 x 1.45% = $812.15

Among the choices, the correct answer is B.