Question
The Social Security Administration increased the taxable wage base from $121,100 to $122,200. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each
The Social Security Administration increased the taxable wage base from $121,100 to $122,200. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each of the past two years.
a. What is the percent increase in the base? (Round your answer to the nearest hundredth percent.)
Percent increase %
b. What is Joes increase in Social Security tax for the new year? (Round your answer to the nearest cent.)
Increase in Social Security tax $
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Managerial Accounting for Managers
Authors: Eric Noreen, Peter Brewer, Ray Garrison
2nd edition
978-0077403485, 77403487, 73527130, 978-0073527130
