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Answer :
Sure! Let's go through the steps to determine how much is withheld for Medicare if someone earns [tex]$125.
1. Understand the Medicare Tax Rate: The Medicare tax rate is 1.45%.
2. Convert the Percentage to a Decimal: To perform the calculation, convert the Medicare tax rate from a percentage to a decimal. This means you'll use 0.0145 instead of 1.45%.
3. Calculate the Amount Withheld:
- Multiply the salary by the Medicare tax rate to find the amount that will be withheld.
- For someone earning $[/tex]125, you would calculate:
[tex]\[
125 \times 0.0145 = 1.8125
\][/tex]
So, [tex]$1.81 (rounded to the nearest cent) will be withheld for Medicare from a salary of $[/tex]125.
1. Understand the Medicare Tax Rate: The Medicare tax rate is 1.45%.
2. Convert the Percentage to a Decimal: To perform the calculation, convert the Medicare tax rate from a percentage to a decimal. This means you'll use 0.0145 instead of 1.45%.
3. Calculate the Amount Withheld:
- Multiply the salary by the Medicare tax rate to find the amount that will be withheld.
- For someone earning $[/tex]125, you would calculate:
[tex]\[
125 \times 0.0145 = 1.8125
\][/tex]
So, [tex]$1.81 (rounded to the nearest cent) will be withheld for Medicare from a salary of $[/tex]125.
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