what is the employees yearly contribution to the u.s. medicare tax on a salary of $40,000? fica taxes social…

what is the employees yearly contribution to the u.s. medicare tax on a salary of $40,000? fica taxes social security medicare total due: 12.40% 2.90% employers responsibility 6.20% 1.45% employees responsibility 6.20% 1.45% $?

what is the employees yearly contribution to the u.s. medicare tax on a salary of $40,000? fica taxes social security medicare total due: 12.40% 2.90% employers responsibility 6.20% 1.45% employees responsibility 6.20% 1.45% $?

Answer

Explanation:

Step1: Identify the tax - rate

The employee's Medicare tax rate is 1.45% or 0.0145 in decimal form.

Step2: Calculate the tax amount

Multiply the salary by the tax rate. The salary is $40,000. So the calculation is $40000\times0.0145$. $40000\times0.0145 = 580$

Answer:

$580$