Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Explore our Q&A platform to find reliable answers from a wide range of experts in different fields. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

What is the employee's yearly contribution to the U.S. Social Security tax on a salary of [tex]$\$[/tex]100,000[tex]$?

\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]$100,000, we need to follow these steps: 1. Identify the salary: - The given salary is $[/tex]100,000.

2. Identify the Social Security tax rate for the employee:
- According to the table, the employee's responsibility for the Social Security tax is 6.20%.

3. Calculate the contribution amount:
- To find the yearly contribution, we multiply the salary by the Social Security tax rate.

4. Set up the calculation:
- Contribution = Salary Social Security tax rate
- Contribution = [tex]$100,000 6.20% 5. Convert the percentage into a decimal: - 6.20% can be written as 0.062. 6. Perform the multiplication: - Contribution = $[/tex]100,000 * 0.062

Therefore, the employee's yearly contribution to the U.S. Social Security tax on a salary of [tex]$100,000 is $[/tex]6,200.
Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.