In 2018, Lew, Who Is Single, Earned Wages of $386,724

question 70

Essay

In 2018, Lew, who is single, earned wages of $386,724.
a.What is the amount of Social Security tax withheld from his salary?
b.What is the amount of Medicare tax (including additional 0.9% tax if any) withheld from his salary?

---

Definitions:

Prospective

Pertains to future events or conditions as they are expected to happen or be considered for planning and decision-making.

Depreciation Parameters

The set of assumptions and methodologies used to calculate the depreciation of an asset over its useful life.

Tangible Assets

Physical and material assets, such as buildings, machinery, and equipment, which are owned by a business and can be seen and touched.

Natural Resource

Assets that occur naturally in environments such as minerals, timber, and oil, often subject to depletion and depreciation over time.