If your earned income for 2021 will be $242,432, Calculate what you will pay in Social Security and Medicare taxes if Social Security is taxed at 6.2% at a maximum taxable income of $142,800 and Medicare is taxed at 1.45%
Social security tax
Socialsecuritytax=0.062×142,800=8,853.6Social security tax= 0.062\times142,800=8,853.6Socialsecuritytax=0.062×142,800=8,853.6
Medicare tax
Medicaretax=0.0145×242,432=3,515.26Medicare tax=0.0145\times242,432=3,515.26Medicaretax=0.0145×242,432=3,515.26
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