Question

Mr. Jackson earned $65,134 last year, how much did he pay in Medicare
(1.45%)?

Answer 1

Mr. Jackson paid $944.44 in Medicare taxes last year, which is calculated by multiplying his annual income of $65,134 by the Medicare tax rate of 1.45%.

Step-by-step explanation:

Mr. Jackson earned $65,134 last year. To calculate how much he paid in Medicare taxes at a rate of 1.45%, you would use the following calculation:

Medicare tax amount = Gross annual income × Medicare tax rate

Medicare tax amount = $65,134 × 0.0145

Medicare tax amount = $944.44 (rounded to two decimal places)

Therefore, Mr. Jackson paid $944.44 in Medicare taxes last year.