question 13 (4.5 points)\nyour adjusted gross income is $142,344.72. you paid $11,686.61 of interest on a…

question 13 (4.5 points)\nyour adjusted gross income is $142,344.72. you paid $11,686.61 of interest on a mortgage loan, $11,706.18 for medical expenses, and made a charitable contribution of $1,096.48. the standard deduction for single filers is $14,600. what is your taxable income?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\n\nanswer\n\nquestion 14 (4.5 points)\nif you are not self - employed and you are paid a salary of $163,650.00, what is the amount of your medicare tax?\nuse the 2024 fica (social security and medicare) tax rates in the table below.\n\n2024 fica tax rates\n| | employee pays | employer pays |\n|--|--|--|--|\n| social security tax | 6.2%<br>only on the first $168,600 | 6.2%<br>only on the first $168,600 |\n| medicare tax | 1.45% | 1.45% |\n| total | 7.65% | 7.65% |\n| additional medicare tax | 0.9%<br>only on earnings over $200,000 for single filers, $250,000 for joint filers, and $125,000 for those married filing separately | |\nenter the dollar amount rounded to the nearest cent.\nyour answer:

question 13 (4.5 points)\nyour adjusted gross income is $142,344.72. you paid $11,686.61 of interest on a mortgage loan, $11,706.18 for medical expenses, and made a charitable contribution of $1,096.48. the standard deduction for single filers is $14,600. what is your taxable income?\nenter the dollar amount rounded to the nearest cent.\nyour answer:\n\nanswer\n\nquestion 14 (4.5 points)\nif you are not self - employed and you are paid a salary of $163,650.00, what is the amount of your medicare tax?\nuse the 2024 fica (social security and medicare) tax rates in the table below.\n\n2024 fica tax rates\n| | employee pays | employer pays |\n|--|--|--|--|\n| social security tax | 6.2%<br>only on the first $168,600 | 6.2%<br>only on the first $168,600 |\n| medicare tax | 1.45% | 1.45% |\n| total | 7.65% | 7.65% |\n| additional medicare tax | 0.9%<br>only on earnings over $200,000 for single filers, $250,000 for joint filers, and $125,000 for those married filing separately | |\nenter the dollar amount rounded to the nearest cent.\nyour answer:

Answer

Explanation:

Step1: Calculate itemized deductions

Add up mortgage - interest, medical expenses, and charitable contributions. $11686.61 + 11706.18+1096.48=24489.27$

Step2: Compare itemized and standard deductions

Since $24489.27>14600$, we use the itemized deductions.

Step3: Calculate taxable income

Subtract itemized deductions from adjusted - gross income. $142344.72 - 24489.27 = 117855.45$

Answer:

$117855.45$

Explanation for Question 14:

Step1: Identify the Medicare tax rate

The Medicare tax rate for non - self - employed employees is 1.45% (as the salary of $163650$ is less than $200000$ for single filers, so no additional Medicare tax applies).

Step2: Calculate the Medicare tax

Multiply the salary by the tax rate. $163650\times0.0145 = 2372.925$

Step3: Round to the nearest cent

Rounding $2372.925$ to the nearest cent gives $2372.93$

Answer:

$2372.93$