BUSINESS HIGH SCHOOL

To date, Jay Ward has cumulative earnings of $118,000. This week he is paid $3,000. The total amount of Social Security tax for this week is (assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare):

Answers

Answer 1
Answer:

Answer:

$31.00

Explanation:

Jay Ward  has cumulative earnings of $118,000 it means he has already been taxed on his earning on $118,000.

Difference  = $118,500 - $118,000

                   = $500

So on this paycheck only $2,500 of his earnings are taxable for social security tax.

Social security tax rate = 6.2%

Social security tax amount = 6.2% × 500

                                            = 0.062 × 500

                                            = $31

Therefore, the total amount of Social Security tax for this week is $31.00.
Answer 2
Answer: i really dont no what your question is or your options but if you are trying to see how much is taken out per year you take $118,500 × 6.2%+1.45% and its a little over $7,347.01, and if you are trying to solve per pay check same thing but use 3,000 not 118,500 which is $186.01 taken out

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Answers

Answer:

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