Erin hires a maid to work in her home for$1,700 per month, the maid is 25...
Homework Answers
Since wage is earned in 2019, taxes would be applicable for 2020.
Year 2020:
Social Security tax rate is 6.2% on the first $137,700 earned wages.
Medicare tax rate is1.45% on all the earned-wages.
Given,
Earned wages = $1,700 per month × 5 months
= 1,700 × 5
= $8,500
1.
Social Security tax (by employer) = Earned wages × 6.2%
= 8,500 × 6.2%
= $527 (Answer)
2.
Medicare tax (by employer) = Earned wages × 1.45%
= 8,500 × 1.45%
= $123.25 (Answer)
3.
Withholding amount = Earned wages × Total tax rates
= 8,500 × (6.2% + 1.45%)
= 8,500 × 7.65%
= $650.25 (Answer)
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