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iogann1982 [59]
2 years ago
12

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

Mathematics
1 answer:
blagie [28]2 years ago
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.

Her monthly gross pay is $12,455.10

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

To learn more about Social security tax

brainly.com/question/13255138

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