Mary earned $41,258.75 for the past calendar year. How much did she pay for the year in social security and Medicare taxes? (Social Security Tax is 6.2% of gross wages up to $117,000. Medicare Tax is 1.45% of all gross wages.)

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Quizplus · Accepted Answer

Social Security Tax = 6.2% of $41,258.75 = 0.062 * 41,258.75 = $2,558.04. Medicare Tax = 1.45% of $41,258.75 = 0.0145 * 41,258.75 = $598.25. Total = $2,558.04 + $598.25 = $3,156.29.

Mary Earned $41,258