Answer :
- Answer:
- Okay, let's break this down step-by-step:
- Social Security Tax:
- $720,000 was subject to the 6.0% social security tax
- Social security tax = 6.0% of $720,000 = $43,200
- Medicare Tax:
- $720,000 was subject to the 1.5% Medicare tax
- Medicare tax = 1.5% of $720,000 = $10,800
- Unemployment Taxes:
- $60,000 was subject to state and federal unemployment taxes
- So the totals are:
- Social Security Tax: $43,200
- Medicare Tax: $10,800
- Unemployment Taxes: $60,000
- Let me know if you need any clarification or have additional questions!