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18 November, 19:48

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.

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  1. 18 November, 23:24
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    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
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