question 13 (4.5 points) if you are not self - employed and you are paid a salary of $54,650.00, what is the…

question 13 (4.5 points) if you are not self - employed and you are paid a salary of $54,650.00, what is the amount of your medicare tax? use the 2024 fica (social security and medicare) tax rates in the table below. 2024 fica tax rates employee pays social security tax only on the first $168,600 6.2% medicare tax 1.45% total 7.65% additional medicare tax 0.9% only on earnings over $200,000 for single filers, $250,000 for joint filers, and $125,000 for those married filing separately. employer pays social security tax only on the first $168,600 6.2% medicare tax 1.45% total 7.65% enter the dollar amount rounded to the nearest cent. your answer:

question 13 (4.5 points) if you are not self - employed and you are paid a salary of $54,650.00, what is the amount of your medicare tax? use the 2024 fica (social security and medicare) tax rates in the table below. 2024 fica tax rates employee pays social security tax only on the first $168,600 6.2% medicare tax 1.45% total 7.65% additional medicare tax 0.9% only on earnings over $200,000 for single filers, $250,000 for joint filers, and $125,000 for those married filing separately. employer pays social security tax only on the first $168,600 6.2% medicare tax 1.45% total 7.65% enter the dollar amount rounded to the nearest cent. your answer:

Answer

Explanation:

Step1: Calculate Social - Security Tax

The Social - Security tax rate is 6.2% on the first $168,600 of earnings. Since the salary $54,650 < $168,600, the Social - Security tax amount is calculated as $54650\times0.062$. $54650\times0.062 = 3388.3$

Step2: Calculate Medicare Tax

The Medicare tax rate is 1.45% for all earnings. So the Medicare tax amount is $54650\times0.0145$. $54650\times0.0145=792.425$

Step3: Calculate Additional Medicare Tax

The salary $54,650 < $200,000 (the threshold for single filers for additional Medicare tax), so the additional Medicare tax is $0$.

Step4: Calculate Total FICA Tax

The total FICA tax is the sum of Social - Security tax, Medicare tax and additional Medicare tax. Total FICA tax=$3388.3 + 792.425+0=4180.725\approx4180.73$

Answer:

$4180.73$