question 20 (4 points) if you are not self - employed and you are paid a salary of $156,450.00, what is the…

question 20 (4 points) if you are not self - employed and you are paid a salary of $156,450.00, 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% additional medicare tax only on earnings over $200,000 for single filers, $250,000 for joint filers, and $125,000 for those married filing separately enter the dollar amount rounded to the nearest cent. your answer

question 20 (4 points) if you are not self - employed and you are paid a salary of $156,450.00, 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% additional medicare tax only on earnings over $200,000 for single filers, $250,000 for joint filers, and $125,000 for those married filing separately enter the dollar amount rounded to the nearest cent. your answer

Answer

Explanation:

Step1: Identify the Medicare - tax rate

The Medicare - tax rate for employees is 1.45% as per the 2024 FICA tax rates table.

Step2: Calculate the Medicare tax amount

The salary is $156,450. The Medicare - tax amount is calculated by multiplying the salary by the Medicare - tax rate. So, the amount of Medicare tax = $156450\times0.0145$. $156450\times0.0145 = 2268.525$.

Step3: Round the result

Rounding $2268.525$ to the nearest cent gives $2268.53$.

Answer:

$2268.53$