Answered

Westonci.ca is the best place to get answers to your questions, provided by a community of experienced and knowledgeable experts. Our platform offers a seamless experience for finding reliable answers from a network of experienced professionals. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

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.
Visit us again for up-to-date and reliable answers. We're always ready to assist you with your informational needs. We appreciate your time. Please come back anytime for the latest information and answers to your questions. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.