Find the Social Security and Medicare tax rates for the current year. Also find the maximum taxable
Question:
Find the Social Security and Medicare tax rates for the current year. Also find the maximum taxable income for the Social Security tax. Use the information to graph this year’s Social Security tax function.
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Social Year Security (%) 1991 6.2% 1992 6.2% 1993 6.2% 1994 6.2% 1995 6.2% 1996 6.2% 1997 6.2% 1998 6.2% 1999 6.2% 2000 6.2% 2001 6.2% 2002 6.2% 2003 6.2% 2004 6.2% 2005 6.2% 2006 6.2% 2007 6.2% 2008 6.2% 2009 6.2% 2010 6.2% 2011 4.2% 2012 4.2% 2013 6.2% 2014 6.2% 2015 6.2% 2016 6.2% Maximum Taxable Income for Social Security ($) 53,400 55,500 57,600 60,600 61,200 62,700 65,400 68,400 72,600 76,200 80,400 84,900 87,900 87,900 90,000 94,200 97,500 102,000 106,800 106,800 106,800 110,100 113,700 117,000 118,500 118,500 Medicare (%) 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% Maximum Taxable Income for Medicare ($) 125,000 130,200 135,000 All income All income All income All income All income All income All income All income All income All income All income All income All income All income All income All income All income All income All income All income All income All income All income
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ANSWER The Social Security tax rate for the current year is 62 for employees and ...View the full answer
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Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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