How much Medicare Tax would an individual working for a large corporation and making an annual salary of $67,800 pay?$578.90$1966.20$983.10$678.00
Question
How much Medicare Tax would an individual working for a large corporation and making an annual salary of $67,800 pay?
- $578.90
- $1966.20
- $983.10
- $678.00
Solution
The Medicare tax rate is currently 1.45% for an employee. To calculate how much an individual making $67,800 would pay in Medicare tax, you would:
-
Convert the Medicare tax rate from a percentage to a decimal by dividing 1.45 by 100. This gives you 0.0145.
-
Multiply the individual's annual salary by the Medicare tax rate. So, 983.10.
Therefore, an individual making an annual salary of 983.10 in Medicare tax.
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