Given:
Annual salary: 56,010
Social Security tax rate: 6.2%
Medicare tax rate: 1.45%
Both these taxes are computed based on the annual salary.
Social Security tax:
56,010 x 6.2% = 3,472.62
Medicare Tax:
56,010 x 1.45% = 812.145 or 812.15
Total taxes paid:
3,472.62 + 812.15 = 4,284.77
