The social secruity tax rate is 6.2% and is paid on the first $97,500 of income. the medicare tax rate is 1.45% and applies to al earnings. john bob makes $350,000 each year as a product designer. select the correct calculation of his annual social secruity deduction.
A. 350,000 x 6.2%
B. 97,500 x 6.2%
C. (350,000-97,500) x 6.2%
D. 97,500 x 1.45%
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