Tim Mogilnitsky is a​ self-employed researcher. He pays FICA at a rate of​ 12.4% and Medicare at a rate of​ 2.9%. Find the dollar amount of these taxes on the annual adjusted earnings of ​$38 comma 841.34.
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Part 1
​Tim's FICA tax is ​$
  
enter your response here.
​(Round to the nearest​ cen

​Tim's FICA tax is **$4,816.33**.

Would you like to calculate the Medicare tax as well or need any further details? Here are five related questions for exploration:

1. How do we calculate the Medicare tax for Tim's adjusted earnings?
2. What is the total tax amount when combining both FICA and Medicare?
3. How do self-employed individuals pay their FICA and Medicare taxes compared to regular employees?
4. How do tax rates for FICA and Medicare change based on income brackets?
5. What is the maximum amount of earnings subject to FICA tax?

**Tip:** Always round your tax calculations to the nearest cent for accuracy when reporting.

Tim Mogilnitsky is a​ self-employed researcher. He pays FICA at a rate of​ 12.4% and Medicare at a rate of​ 2.9%. Find the dollar amount of these taxes on the annual adjusted earnings of ​$38,841.34.

Learn how to calculate FICA and Medicare taxes for a self-employed individual with annual adjusted earnings of $38,841.34. Using basic percentage calculations, this problem helps you understand how to determine FICA tax at 12.4% and Medicare tax at 2.9%. Suitable for students in Grades 10-12.

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