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Business Math Help please !?
you report a taxable income of $140000 in 2010. the medicare tax rate for that year is 1.45% with no salary cap. how much do you pay for medicare tax?
2 Answers
- ?Lv 78 years ago
OMG !! either look at your pay stub or sharpen your pencil
if your pencil is dull, you could use a calculator.
P S - being serious - Medicare is withheld on ALL wages earned, not just what the IRS calls "taxable" income (which is after deductions) - so you would need to refer to your pay stub. - an accountant.
Source(s): People who cannot do simple math do not earn $140,000 a year (after tax, no less). - 8 years ago
$2030
income (tax rate as a decimal) = total
To change tax rate to a decimal you divide by 100
(140000)(0.0145) = $2030
