for each of the following wages, determine the medicare tax that would be withheld.\n i. $23,660\n ii…

for each of the following wages, determine the medicare tax that would be withheld.\n i. $23,660\n ii. $89,000\n iii. $166,090\n\na. i. $343.07\n ii. $1,290.50\n iii. $2,408.31\n\nb. i. $3,430.70\n ii. $12,905.00\n iii. $24,083.05\n\nc. i. $146.70\n ii. $551.80\n iii. $1,029.76\n\nd. i. $1,466.92\n ii. $5,518.00\n iii. $10,297.58

for each of the following wages, determine the medicare tax that would be withheld.\n i. $23,660\n ii. $89,000\n iii. $166,090\n\na. i. $343.07\n ii. $1,290.50\n iii. $2,408.31\n\nb. i. $3,430.70\n ii. $12,905.00\n iii. $24,083.05\n\nc. i. $146.70\n ii. $551.80\n iii. $1,029.76\n\nd. i. $1,466.92\n ii. $5,518.00\n iii. $10,297.58

Answer

Explanation:

Step1: Recall Medicare - tax rate

The Medicare - tax rate is 1.45% of an employee's wages.

Step2: Calculate for $23,660

The Medicare tax is $23660\times0.0145 = 343.07$.

Step3: Calculate for $89,000

The Medicare tax is $89000\times0.0145 = 1290.5$.

Step4: Calculate for $166,090

The Medicare tax is $166090\times0.0145 = 2408.305\approx2408.31$.

Answer:

a. i. $343.07 ii. $1,290.50 iii. $2,408.31