Question

In 1998, Lisa earned $149,461.20. In that year, Social Security tax was 6.2% of income

up to $68,400 and Medicare tax was 1.45%. How much did she pay for both taxes
together?

Answer 1

$10,258.39

Explanation:

(68,400 x 1.451.45)/100 = 991.8

(149,461.20x6.2)/100=9,266.59

991.8+9,266.59 = 10,258.39