1. Find the social security tax deducted for each weekly paycheck of $237.
A. $18.13
B. $20.88
C. $36.26
D. $23.70
2. Monthly earnings total $4513. Find the social security tax deducted.
A. $451.30
B. $345.24
C. $346.62
D. $255.89
This is all the information I'm given and I keep coming up with a non existent answer, please help
3 Answers
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Google: ss tax rate 2016
"The FICA tax rate is a combination of the social security tax rate (6.2) and the aforementioned Medicare tax rate (1.45). Therefore, for 2016, the FICA tax rate will be 7.65%, to the height of the social security wage base. This means the maximum social security tax for employees and employers in 2016 is $7,347."
It looks like the question incorrectly uses the 2016 FICA tax rate of 7.65% instead of the Social Security rate of 6.2%
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1)
237 * 7.65/100
$18.13 <––––– Answer A
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2)
4513 * 7.65/100
$345.24 <–––––Answer B
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A d
This second part is the quagmyre in Part a 237.00 is made weekly if that is timed by 4 =948.00
I figured it out 2=b
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pls find the employee portion of the Social Security tax and multiply same times the payroll figures given.