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What is the employee's yearly contribution to the U.S. Social Security tax on a salary of [tex]\[tex]$112{,}000[/tex]?

\begin{tabular}{|c|c|c|}
\hline
\multicolumn{3}{|c|}{FICA Taxes} \\
\hline
& Social Security & Medicare \\
\hline
Total Due: & [tex]12.40\%[/tex] & [tex]2.90\%[/tex] \\
\hline
\begin{tabular}{l}
Employer's \\ Responsibility
\end{tabular} & [tex]6.20\%[/tex] & [tex]1.45\%[/tex] \\
\hline
\begin{tabular}{l}
Employee's \\ Responsibility
\end{tabular} & [tex]6.20\%[/tex] & [tex]1.45\%[/tex] \\
\hline
\end{tabular}

[tex]\$[/tex][/tex][?]

Sagot :

GinnyAnswer
To determine the employee's yearly contribution to the U.S. Social Security tax on a salary of \[tex]$112,000, follow these steps: 1. Identify the employee's responsibility rate for Social Security taxes: According to the provided table, the employee's responsibility for Social Security is 6.20%. 2. Calculate the social security tax contribution: - Multiply the employee's annual salary by the Social Security tax rate. \[ \text{Social Security contribution} = \$[/tex]112,000 \times 0.062
\]

3. Perform the multiplication:
[tex]\[ \$112,000 \times 0.062 = \$6,944 \][/tex]

Therefore, the employee's yearly contribution to the U.S. Social Security tax on a salary of \[tex]$112,000 is \$[/tex]6,944.
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