The limit in 2008 for FICA tax was 102,000. So if an individual makes $314,000 in one year, how much in \"continuing\" medicare tax will they have to pay? (Medicare tax is 1.4% for individuals and 2.9% for the self-employed.). A. 2,968.00. B. 4,396.00. C. 6,148.00. D. 9,106.00

Respuesta :

102,000 FICA tax
Medicare tax individuals is 1.4% and 2.9% self-employed
n = continuing medicare tax

Solution: 102,000 x 1.4%= 1,428 individual tax
                102,000 x 2.9% = 2,958 self-employed tax
               
                  1,428 + 2,958 = n continuing medicare tax
Answer: n = $4,386 continuing medicare tax

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