Daniel earns $125,448 annually and is paid monthly. How much Social Security tax will be deducted from his December earnings? How much Medicare tax will be deducted from his December earnings? Social security tax is 6.2% and Medicare tax is 1.45%. Round to the nearest cent.

Daniel earns $125,448 annually and is paid monthly. How much Social Security tax will be deducted from his December earnings? How much Medicare tax will be deducted from his December earnings? Social security tax is 6.2% and Medicare tax is 1.45%. Round to the nearest cent.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 44P

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Solve the problem.
Daniel earns $125,448 annually and is paid monthly. How much Social Security tax will be
deducted from his December earnings? How much Medicare tax will be deducted from his
December earnings? Social security tax is 6.2% and Medicare tax is 1.45 %. Round to the
nearest cent.
$21.74
O Social Security tax =
Medicare tax= $15.16
Social Security tax- $218.37
Medicare tax= $152.58
Social Security tax = $217.37
Medicare tax $151.58
O Social Security tax - $2173.70
Medicare tax $1515.83

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