Question

In 2020, Bianca earned a salary of $164,000 from her employer. If required, round your answers...

In 2020, Bianca earned a salary of $164,000 from her employer.

If required, round your answers to the nearest dollar.

Therefore, Social Security taxes withheld from her salary is $ and the Medicare portion withheld is $.

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Answer #1

Solution:-

Social Security tax 6.20% for employee and employer each.

Medicare tax Rare 1.45% for employee and Employer each.

Threshold limit for social security tax for 2020 is $ 137,700

In this case salary exceeding the threshold limit.

Employee Share Employer Share

Social Security Tax ($ 137,700 X 6.20%) $ 8,537 $ 8,537

Medicare Tax ($ 164,000 X 1.45%) $ 2,378 $ 2,378

Total $ 10,915 $ 10,915

Therefore, Social Security taxes withheld from her salary is $ 8,537 and the Medicare portion withheld is $ 2,378

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