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Sagot :
The total deductions for social security tax and medicare tax are $302.94
Payroll tax: This is the tax which is withheld by an employer from the pay of the employee and remits the same to the government on behalf of the employee. The payroll taxes are used by the government for special programs like social security, health care, unemployment compensation and worker’s compensation.
Social security tax: It is the tax levied by the federal government for funding the retirement, disability, and survival benefits for unemployed persons. Both the employer and employee pay the social security tax at a prescribed rate by the federal government.
Medicare tax: It is the tax levied by the federal government for funding the Medicare hospital insurance program. Both the employee and employer pay the Medicare tax at a prescribed rate by the federal government.
Computing the total deductions for social security and Medicare taxes:
Social security tax (3960*6.2%) = $245.52
Medicare tax (3960*1.45%) = $57.42
Total deductions = $302.94
Learn more about deductions:
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