To calculate the employee's yearly contribution to the U.S. Medicare tax on a salary of [tex]$24,000, follow these steps:
1. Determine the employee's Medicare tax rate from the given information. According to the table, the employee's responsibility for the Medicare tax is 1.45%.
2. Convert the Medicare tax rate from a percentage to a decimal. To do this, divide 1.45 by 100:
\[
1.45\% = \frac{1.45}{100} = 0.0145
\]
3. Multiply the employee's salary by the Medicare tax rate (in decimal form) to find the yearly contribution:
\[
\text{Medicare contribution} = \text{Salary} \times \text{Medicare tax rate}
\]
Substitute the salary and tax rate into the formula:
\[
\text{Medicare contribution} = 24000 \times 0.0145
\]
4. Perform the multiplication to get the final result:
\[
\text{Medicare contribution} = 348.0
\]
Therefore, the employee's yearly contribution to the U.S. Medicare tax on a salary of $[/tex]24,000 is $348.00.
