Marcus earned $54,000 last year when the Social Security tax was 6.2% of income up to $94,200. His Medicare tax was 1.45%. How m
2 answers:
Given =
Marcus earned $54,000 last year. social s ecurity tax was 6.2% and medicare tax was 1.45%
Find out he pay in Social Security and Medicare taxes last year.
To proof
Marcus earned last year = $ 54000
Social Security tax = 6.2%
Medicare tax = 1.45%
First find out the social security tax
6.2 % written in the simpler form =
= 0.062
Social Security tax last year = .062×54000
= $ 3348
find out Medicare taxes
1.45% Medicare tax written in the simpler form =
= 0.0145
Medicare taxes last year = 0.0145 × 54000
= $743
Total tax last year = $743 + $3348
= $ 4131
Hence proved
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