In 2018, Lew, who is single, earned wages of $386,724. a. What is the amount of...
In 2018, Lew, who is single, earned wages of $386,724. a. What is the amount of Social Security tax withheld from his salary? b. What is the amount of Medicare tax (including additional 0.9% tax if any) withheld from his salary?
Homework Answers
| a | ||
| Social Security tax withheld | 7960.80 | =128400*6.2% |
| b | ||
| Medicare tax | 5607.50 | =386724*1.45% |
| Additional Medicare tax | 1680.52 | =(386724-200000)*0.9% |
| Amount of Medicare tax withheld | 7288.02 | or 7288.01 |
| Note: |
| The 2018 wage limit for Social Security is $128400 |
| Additional Medicare tax is payable for wages above $200000 |
| Amounts have been rounded off to 2 decimal places |
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