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Varvara68 [4.7K]
3 years ago
15

The Social Security Administration increased the taxable wage base from $106,800 to $110,100. The 6.2% tax rate is unchanged. Jo

e Burns earned over $120,000 each of the past two years.
a.

What is the percent increase in the base?(Round your answer to the nearest hundredth percent.)

Percent increase

%

b.

What is Joe’s increase in Social Security tax for the new year?(Round your answerto the nearest cent.)

Increase in social security tax

$
Mathematics
1 answer:
Rzqust [24]3 years ago
5 0

Answer:

The Social Security Administration increased the taxable wage base from $106,800 to $110,100.

A:

The percent increase in the base =

\frac{110100-106800}{106800}\times100=3.09%

B:

Previous year tax = 0.062\times106800=6621.60 dollars

This year tax = 0.062\times110100=6826.20 dollars

Increase in tax = 6826.20-6621.60=204.60 dollars

Hence, Joe’s increase in Social Security tax for the new year is $204.60.

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