The maximum tax bases and percentages for 2017 for the two portions of the self-employment tax...
The maximum tax bases and percentages for 2017 for the two portions of the self-employment tax are which of the following?
| Social Security | Medicare | |
| a. | $127,200; 12.4% | Unlimited; 2.9%. |
| b. | $127,200; 12.4% | Unlimited; 15.3%. |
| c. | $118,500; 12.4% | Unlimited; 2.9%. |
| d. | $118,500; 15.3% | Unlimited; 15.3%. |
Homework Answers
| The 2017 wage limit for Social Security is $$127,200 |
| Social Security tax rate for self-employment is 12.4%(6.2%X2) and Medicare tax is 2.9% (1.45%X2) |
| Social Security $127,200; 12.4% |
| Medicare Unlimited; 2.9%. |
| Option A is correct |
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The maximum tax bases and percentages for 2017 for the two
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