Ask Question
5 June, 01:28

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 = $

+4
Answers (1)
  1. 5 June, 02:05
    0
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “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) ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers