The social secruity tax rate is 6.2% and is paid on the first $97,500 of income. the medicare tax rate is 1.45% and applies to al earnings. john bob makes $350,000 each year as a product designer. select the correct calculation of his annual social secruity deduction.
a. 350,000 x 6.2%
b. 97,500 x 6.2%
c. (350,000-97,500)x 6.2%
d. 97,500 x 1.45%