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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

Les Roberts, a self-employed commercial artist, had total net earnings of $60,000 last year. What was the amount of the social security and Medicare taxes Les was required to send the IRS last year?

To determine

To calculate: The social security and Medicare tax of an self-employed artist les Robert whose

net earnings is $60000 last year.

Explanation

Given Information:

Les Roberts net earnings is $60,000.

Formula used:

For a self-employed person social security check and medicare tax can be calculated by the use of these formulas:

social security tax=net earning× social security taxratemedicare tax=net earning × medicare taxrate

Calculation:

As given, Les Roberts net earnings is $60,000.

For a self-employed person the social security tax rate is 12.4% whereas medical security tax rate is 2.9%.

Now apply the formula, social security tax=net earning× social security taxrate:

social security tax=60000×12

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