Calculate the Social Security and Medicare tax that would be applied to an annual salary of $125,000. Use $106,800 for maximum taxable earnings.
a.
Social Security tax: $77,500.00, Medicare tax: $18,125.00
b.
Social Security tax: $7,750.00, Medicare tax: $1,812.50
c.
Social Security tax: $66,216.00, Medicare tax: $18,125.00
d.
Social Security tax: $6,621.60, Medicare tax: $1,812.50



Please select the best answer from the choices provided