To date, Ty has cumulative earnings of $107,600. This week he is paid $3,000. What's the total amount of social security tax for this week? Assume a rate of 6.2% on $110,100 for social security and 1.45% for Medicare.
2 answers:
Ty's social security tax is
Answer:
Option A. $186.00
Step-by-step explanation:
Ty is paid this week = $3,000
social security tax ( 6.2%) and medicare tax (1.45%) is called FICA tax, but we have to calculate only social security tax for the weekly pay.
Therefore,
6.2% of 3,000 =
= 0.062 × 3000 = 186.00
The total amount of social security tax for this week is $186.00
Option A. $186.00
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