Question
2) Assume that the Social Security tax rate is 6% and the Social Security maximum is $140,000 per year. A) What is the effective tax
2) Assume that the Social Security tax rate is 6% and the Social Security maximum is $140,000 per year.
A) What is the effective tax rate on someone with a $70,000 salary?
$4200
B) What is the effective tax rate on someone with a $140,000 salary?
$8400
C) What is the effective tax rate on someone with a $1,400,000 salary?
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Financial Management Core Concepts
Authors: Raymond Brooks
3rd Edition
0133866742, 9780133866742
