Microeconomics
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The president of your company, Mr. Wilson, has explained to you that the vice president position will have a salary of $94,000. Assuming that you are single and receive no deduction or any other credits, Mr. Wilson has asked you to calculate the total you will pay in income, Social Security, and Medicare taxes for a salary of $94,000.
Just need assistance with the the calculation and formula in excel, the current income tax table is attached. Please see the information provided below for the rest of the information.
The rest of the requirements are below.
The tax rate on Social Security is 6.2%. The tax rate on Medicare is 1.45%. Social Security, and Medicare taxes for a salary of $94,000.
Submit an Excel file or document showing the correct calculations and explaining how the calculations were made.
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