In 2009, the maximum taxable income for Social Security was $106,800. The FICA tax rate was 6.2%.
Question:
a. What is the maximum anyone could have paid into FICA tax in the year 2009?
b. Billhadtwojobsin2009.Oneemployerpaidhim $77,090 and the other paid him $31,280. Each employer took out 6.2% for Social Security. How much did Bill overpay in Social Security for 2009?
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a 106800 0062 662160 b ...View the full answer
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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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