The term "salary" means the person is not self-employed.
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9%.
Only the portion applicable to an employee will be applied.
So, the deduction for Social Security will be $38,480 x 0.062 = $2,385.76.
The deduction for Medicare will be $38,480 x 0.0145 = $557.96
The total deduction will be $2,943.72; option d
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9%.
Only the portion applicable to an employee will be applied.
So, the deduction for Social Security will be $38,480 x 0.062 = $2,385.76.
The deduction for Medicare will be $38,480 x 0.0145 = $557.96
The total deduction will be $2,943.72; option d
