How much additional Social Security and Medicare tax does Elise pay in 2014 on her $2,000 Christmas bonus padi to her on December 1, 2014? Her total earnings for the year (before the bonus) are $130,000.
Solution
117,000.00
.
How much additional Social Security and Medicare tax does Elise pay in.docx
1. How much additional Social Security and Medicare tax does Elise pay in 2014 on her $2,000
Christmas bonus padi to her on December 1, 2014? Her total earnings for the year (before the
bonus) are $130,000.
Solution
117,000.00
His earnings total before Bonus 130,000.00
Add Bonus 2,000.00
Total Earnings 132,000.00
Maximum Limit of earnings for which to pay Social security and
Medicare Tax
117,000.00
So he is already in payment of maximum tax.
He need not pay any additional Social Security and Medicare Tax.