question 18 (4 points) if you are not self - employed and you are paid a salary of $87,450.00, what is the…

question 18 (4 points) if you are not self - employed and you are paid a salary of $87,450.00, 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 employer pays social security tax 6.2% 6.2% only on the first $168,600 only on the first $168,600 medicare tax 1.45% 1.45% total 7.65% 7.65% 0.9% only on earnings over

question 18 (4 points) if you are not self - employed and you are paid a salary of $87,450.00, 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 employer pays social security tax 6.2% 6.2% only on the first $168,600 only on the first $168,600 medicare tax 1.45% 1.45% total 7.65% 7.65% 0.9% only on earnings over

Answer

Explanation:

Step1: Identify the tax - rate

The employee's Medicare tax rate is 1.45% as per the 2024 FICA tax rates table.

Step2: Calculate the Medicare tax amount

The salary is $87,450. The Medicare tax amount is calculated as the product of the salary and the tax - rate. So, the amount of Medicare tax = $87450\times0.0145$. $87450\times0.0145 = 1267.025\approx1267.03$

Answer:

$1267.03$