9514 1404 393
Answer:
$1,197.71
Step-by-step explanation:
The 6.2% Social Security tax applied to the first $90,000 of earnings in 2005, so Jackson is due to be refunded the tax he paid on more than that amount.
6.2% × (74,007 +35,311 -90,000) = 6.2% × 19,318 = $1,197.71
Jackson should receive a Social Security tax refund of $1,197.71.
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<em>Comment on rounding</em>
The tax on 74,007 will be rounded down, as will the tax on 35,311. So, the overpayment value calculated here needs to be rounded down to correspond to the actual to-the-penny amount of overpayment.
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