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dusya [7]
2 years ago
8

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

re able to earn $58,000 in gross income. What is the total amount of social insurance taxes you owe the federal government
Business
1 answer:
3241004551 [841]2 years ago
3 0

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.

Learn more here:brainly.com/question/10714904

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