Calculate the social security and medicare tax that would be applied to an annual salary of $125,000. use $106,800 for maximum taxable earnings.

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asked Oct 5, 2017 219k views

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Shane Powell · Answer 1 · 2017-10-10T16:46:14+0000

Social security tax is 12.4% of maximum taxable earnings = 0.124 x 106,800 = $13,243.20

Medicare tax = 2.9% of earned income = 0.029 x 125,000 = $36,250

Calculate the social security and medicare tax that would be applied to an annual salary of $125,000. use $106,800 for maximum taxable earnings.

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