Question

Natasha Larkin's gross weekly salary is $1,800. The Social Security tax is 6.2 percent of the first $90,000.
By the end of the year, how much has Larkin paid in Social Security tax?
$5,400.00
$5,803.20
b. $5,580.00
d. $5,901.20
a.
C.

Answer 1

Natasha will be a total of $5,580 as social security tax by the end of the year.

The percentage charged as social security tax = 6.2%

Number of weeks in a year = 52

Yearly gross = weekly gross × 52 = $1800 × 52 = $93,600

Since, Natasha's yearly gross earning is ≥ $90,000 ; Then, his earning is eligible to be charged for social security tax

Amount charged = $90,000 × 6.2%

Amount charged = $90,000 × 0.062

Amount charged = $5,580

Therefore, Natasha will be charged $5,580 as social security tax.

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