Calculate the social security and medicare tax that would be applied to an annual salary of $235,430. use $106,800 for maximum taxable earnings.

a. social security tax: $1,459.67, medicare tax: $341.37
b. social security tax: $14,596.66, medicare tax: $3,413.70
c. social security tax: $662.16, medicare tax: $341.37
d. social security tax: $6,621.60, medicare tax: $3,413.70

Solution:

Social security tax for employee as well as employer= 6.2 %

Medicare tax for employee as well as employer= 1.45 %

Annual salary = $235,430

Maximum taxable earnings.= $ 106,800

Social Security tax= 6.2 % of 106,800

    $

Medicare tax= 1.45 % of $235,430

         $

Option (D) : Social Security tax: $6,621.60, Medicare tax: $3,413.70

in mathematics, a function is a relationship between two variables such that the value of one of the variables, called the dependent variable, is determined by the value of the other variable, called the independent variable. there is a specific term we use to describe the set of independent variables of a function.