Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The Social Security Administration increased the taxable wage base from $127,200 to $128,400. The 6.2% tax rate is unchanged. Joe Burns earned over $130,400 each

image text in transcribed
image text in transcribed
The Social Security Administration increased the taxable wage base from $127,200 to $128,400. The 6.2% tax rate is unchanged. Joe Burns earned over $130,400 each of the past two years. a. What is the percent increase in the base? (Round your answer to the nearest hundredth percent.) b. What is Joe's increase in Social Security tax for the new year? (Round your answer to the nearest cent.) Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighred When the offer came through at \$15.30 per hour. She completed her W.4 stating that she is married with a child and claims an allowance of 3 . Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $128.400 for Soclal Security and 1.45% for Medicare). Calculate her take-home pay for her first check. (Use Table 9.1 and Table 9.2 ) (Round your answer to the nearest cent)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Gold And Debt

Authors: William Lyman Fawcett

1st Edition

1144211727, 978-1144211729

More Books

Students also viewed these Finance questions