In 1998, Lisa earned $149,461.20. The Social Security maximum taxable income was

1 answer:

7 0

Her monthly gross pay is $12,455.10

Social security tax lisa pay in July to the nearest cent is $772.22

<h3>what is social security tax?</h3>

Social Security tax is the tax levied on both employers and employees to fund the Social Security program in the U.S. Social Security tax is collected in the form of a payroll tax mandated by the Federal Insurance Contributions Act (FICA) or a self-employment tax mandated by the Self-Employed Contributions Act (SECA).
The Social Security tax pays for the retirement, disability, and survivorship benefits that millions of peoples receive each year under the Old-Age, Survivors, and Disability Insurance (OASDI) Program—the official name for Social Security
The Social Security tax is applied to income earned by employees and self-employed taxpayers.
Employers usually withhold this tax from employees’ paychecks and forward it to the government. The funds collected from employees for Social Security are not put into a trust for the individual employee currently paying into the fund, but rather are used to pay existing older people in a "pay-as-you-go" system.