Mathematics, 14.04.2020 23:23 jaynissiagreen16
Social Security taxes are another sizeable amount taken from the check of nearly all workers. In 2019, 6.2 percent of your earnings up to $132,900 goes to pay for the Social Security payments that you will get when you retire. An additional 1.45 percent of your pay (with no ceiling) is taken to pay for Medicare health insurance which covers your medical expenses when you turn 65. This is a total of 7.65 percent of your pay which is matched by your employer.
In Joey’s case, 7.65 percent of his gross income is taken out of his check for Social Security and Medicare tax and forwarded to the government by his employer. Since his annual pay is $20,800, this amounts to $1,591.20 per year or $30.60 per week ($20,800 x 7.65 = $1,591.20 which, divided by 52 weeks = $30.60 per week). This is much more than Joey pays in Federal income tax!
If you work for yourself, you are considered to be your own employer and you must pay double the amount of Social Security and Medicare taxes to the government. For most people, this is 7.65% times 2 = 15.3%.
If Joey worked for himself and called his company "Joey's Construction Company" and made $21,000 per year, how much would he pay per year in total Social Security and Medicare tax? A. $3,213 B. $1,163 C. $3,182.40 D. $1,591.20
Answers: 2
Mathematics, 21.06.2019 14:10
You invested $5000 between two accounts paying 4% and 9% annual interest, respectively. if the total interest earned for theyear was $350, how much was invested at each rate? $was invested at 4% andwas invested at 9%.
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Mathematics, 21.06.2019 18:00
Lv beethoven software supplies customized software to a managed healthcare system. lv beethoven software's costs for the software is $1,723,000. lv beethoven software sells the software to the healthcare system for $3,816,981.10. overhead expenses are estimated at 47% of the selling price. what is lv beethoven software's net profit to the nearest dollar?
Answers: 1
Social Security taxes are another sizeable amount taken from the check of nearly all workers. In 201...
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