Question
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 $129,500 each
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 $129,500 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.)
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Essentials of Investments
Authors: Zvi Bodie, Alex Kane, Alan J. Marcus
10th edition
77835425, 978-0077835422
