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For each employee, you are required to pay 1.45% federal Medicare tax and 6.2% federal Social Security tax. If an
employee makes $25,000 per year, how much must you pay in these two taxes?

For each employee you are required to pay 145 federal Medicare tax and 62 federal Social Security tax If an employee makes 25000 per year how much must you pay class=

Respuesta :

Samawati

Answer:

A) $1,912.50

Explanation:

Both the federal Medicare tax and federal social security taxes are calculated based gross pay.

The medicare tax will be

=1.45% of $25,000

= 1.45/100 x $25,000

=0.0145 x $25,000

=$362.5

Social security tax will be

=6.2/100 x $25,000

=0.062  x $25,000

=$1,550.00

Total taxes = $1550.00 + $362.50

=$1,912.50

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