Question
The Social Security Administration increased the taxable wage base from $118,300 to $120,100. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each
The Social Security Administration increased the taxable wage base from $118,300 to $120,100. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each of the past two years.
a.What is the percent increase in the base?(Round your answer to the nearest hundredth percent.)
Percent increase%
b.What is Joe's increase in Social Security tax for the new year?(Round your answer to the nearest cent.)
Increase in Social Security tax$
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Accounting
Authors: Peter J Eisen
6th Edition
143800138X, 978-1438001388
