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
$
1 answer:
Answer:
The Social Security Administration increased the taxable wage base from $106,800 to $110,100.
A:
The percent increase in the base =
%
B:
Previous year tax =
dollars
This year tax =
dollars
Increase in tax =
dollars
Hence, Joe’s increase in Social Security tax for the new year is $204.60.
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