Suppose you use your entrepreneurial spirit and economics training to start your own business. In your first year of work, you a

Question

3 years ago

8

re able to earn $58,000 in gross income. What is the total amount of social insurance taxes you owe the federal government

1 answer:

3241004551 [841] · Answer 1 · 2022-11-05T18:01:44+03:00

The total amount of social insurance taxes you owe the federal government is $3,596.

The social insurance taxes will be tax rate (6.2%) of gross income amount of $58,000 which is calculated using this formula

Social insurance taxes=Social security tax rate× Gross income

Where:

Social security tax rate=6.2%

Gross income=$58,000

Let plug in the formula

Social insurance tax=6.2%×$58,000

Social insurance tax=$3,596

Inconclusion the total amount of social insurance taxes you owe the federal government is $3,596.