In 2008, the maximum taxable income for Social Security was $102,000 and the tax rate was 6.2%.
Question:
a. What is the maximum Social Security tax anyone could have paid in the year 2008?
b. Randy had two jobs in 2008. One employer paid him $67,010 and the other paid him $51,200. Each employer took out 6.2% for Social Security taxes. How much did Randy overpay for Social Security taxes in 2008?
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Related Book For
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
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