Ask Question
29 June, 16:37

Calculate the social security and medicare tax that would be applied to an annual salary of $125,000. use $106,800 for maximum taxable earnings.

+5
Answers (1)
  1. 29 June, 16:51
    0
    Social security tax is 12.4% of maximum taxable earnings = 0.124 x 106,800 = $13,243.20

    Medicare tax = 2.9% of earned income = 0.029 x 125,000 = $36,250
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Calculate the social security and medicare tax that would be applied to an annual salary of $125,000. use $106,800 for maximum taxable ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers