Calculate the social security and medicare tax that would be applied to an annual salary of $235,430. use $106,800 for maximum taxable earnings.

a. social security tax: $1,459.67, medicare tax: $341.37
b. social security tax: $14,596.66, medicare tax: $3,413.70
c. social security tax: $662.16, medicare tax: $341.37
d. social security tax: $6,621.60, medicare tax: $3,413.70

Solution:

Social security tax for employee as well as employer= 6.2 %

Medicare tax for employee as well as employer= 1.45 %

Annual salary = $235,430

Maximum taxable earnings.= $ 106,800

Social Security tax= 6.2 % of 106,800

    $

Medicare tax= 1.45 % of $235,430

         $

Option (D) : Social Security tax: $6,621.60, Medicare tax: $3,413.70

that is the sum

step-by-step explanation:

there are no other answers without knowing the variables values