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 $.
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
Get Answers For Free
Most questions answered within 1 hours.