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3 years ago

Calculation of Social Security Tax and Marginal, Average and Effective Tax Rates on Social Security Taxes (LO. 1)

Business

1 answer:

navik [9.2K]3 years ago

8 0

Answer:

Rory wages tax: $ 5,355.00

Latesia wages tax $ 9,990.80

marginal tax-rate Rory: 7.65%

while Latesia: 1.45%

Rory average tax rate 7.65‬%

Latesia Average tax-rate 7.14%

Explanation:

Rory wages tax:

70,000 x (0.062 + 0.0145) = $5,355

Latesia wages tax

128,400 x 0.062 + 140,000 x 0.0145 =

7,960.8 + 2,030 = 9,990.8

marginal tax-rate Rory will be taxes in full for his next dollar of income: 7.45%

while Latesia already capped OASDI therefore it will be taxes only for MHI: 1.45%

effectiver/average tax rate:

5,355 / 70,000 = 0,0765‬

9,990.8 / 140,000 = 0,0713628

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