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 ​$48 comma 096.01.

To calculate Tim Mogilnitsky's total FICA and Medicare taxes, we'll use the rates provided:

1. **FICA tax** is 12.4%.
2. **Medicare tax** is 2.9%.
3. His annual adjusted earnings are $48,096.01.

### FICA Calculation:
\[
\text{FICA} = 0.124 \times 48,096.01 = 5,964.89
\]

### Medicare Calculation:
\[
\text{Medicare} = 0.029 \times 48,096.01 = 1,394.78
\]

### Total Tax:
\[
\text{Total Tax} = 5,964.89 + 1,394.78 = 7,359.67
\]

Thus, the total dollar amount of FICA and Medicare taxes is **$7,359.67**.

Would you like more details or further clarifications?

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Here are 5 related questions for deeper understanding:
1. How are the FICA and Medicare tax rates determined for self-employed individuals?
2. What are the differences in FICA and Medicare rates between self-employed and employed workers?
3. How do annual earnings above a certain threshold impact Medicare taxes?
4. Are there any deductions or credits Tim can apply to reduce his tax liability?
5. How would these taxes change if Tim's earnings increased by 10%?

**Tip:** Self-employed individuals pay both the employee and employer portions of FICA taxes, which is why their rate is higher than for regular employees.

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 $48,096.01.

Learn how to calculate FICA and Medicare taxes for a self-employed individual with annual adjusted earnings of $48,096.01. This solution demonstrates the tax calculations using the 12.4% FICA and 2.9% Medicare rates, providing a total tax of $7,359.67.

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