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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Paul Warren is a self-employed mechanic. Last year he had total gross earnings of $44,260. What are Paul’s quarterly social security and Medicare payments due to the IRS?

To determine

To calculate: The quarterly payment of social security and Medicare payment due to IRS by Paul, if the total gross earnings of Paul is $44,260.

Explanation

Given Information:

The total gross earning of Paul is $44,260.

Paul is a self-employed mechanic.

Formula used:

Social security and Medicare tax is given as,

Social Security Tax = Gross earnings×Tax rate for securityMedicare tax = Gross earnings×Tax rate for medicare

The rate for social security tax is 6.2%.

The rate for Medicare tax is 1.45 %.

Calculation:

The tax rate in case of self-employed person, the tax rate is doubled.

As the Paul is a self-employed mechanic.

Thus, the tax rate for social security is,

Social Security=6.2%×2=12.4%

And, the tax rate for Medicare is,

Medicare tax=1

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