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Economics Asked by a SnapAndSolve user · about 1 hour ago

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $56,010. a....

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: $81.22
b. Social Security tax: $3,472.62, Medicare tax: $812.15
c. Social Security tax: $662.16, Medicare tax: $81.22
d. Social Security tax: $6,621.60, Medicare tax: $812.15
Please select the best answer from the choices provided
a.
b.
c.
d.

Answer

The Social Security tax rate is 6.2% and the Medicare tax rate is 1.45%.

  1. Social Security tax: $56,010 * 0.062 = $3,472.62
  2. Medicare tax: $56,010 * 0.0145 = $812.15

The correct answer is b. Social Security tax: $3,472.62, Medicare tax: $812.15.

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