Question

Suppose you land a job with Google right out of college. Your economics training is very valuable to them, so you receive a starting annual salary of $65,000. What is the total amount of social insurance taxes for which you will be responsible after your first year of work

Answer 1

Answer:

$4,030

Explanation:

Social Security tax is the tax levied on both employers and employees to fund the Social Security program. The total for the social security tax is 12.4%, so the employees and employers divides it equally among themselves which gives 6.2% each.

So the total amount of tax I will responsible to pay at then end of the first service year will be

= 6.2% * $65000

= $4,030

While the Employer will pay the other part