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Sagot :
The social security tax will be withheld through September.
What is social security and Medicare taxes?
The hospital insurance tax, often known as Medicare taxes, and the old-age, survivors, and disability insurance tax are the two types of taxes covered by the Federal Insurance Contributions Act (FICA).
Social Security maximum base amount = $142800
Social security tax rate = 6.2% = 0.062
Medicare tax = 1.45% = 0.0145
Medicare Tax = no maximum
Base salary = $180,000
Social security tax amount = 0.062 × $142800 = $8,853.6
Medicare Tax = 0.0145 × $180,000 = $2,610
Social security tax to be withheld = $8,853.6
Social security maximum base amount = $142800
Monthly salary = $15,000
$142800 ÷ $15,000 = 9.52
($15,000 × 9) + ($15000×0.52) = $135,000 + $7,800
Therefore, the social security tax will be withheld through the ninth month which is between January to September
To know more about social security and Medicare taxes, visit:
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