Question: The Social Security Administration increased the taxable wage base from $142,800 to $147,000. The 6.2% tax rate is unchanged. Joe Burns earned over $150,800 each

The Social Security Administration increased the taxable wage base from $142,800 to $147,000. The 6.2% tax rate is unchanged. Joe Burns earned over $150,800 each of the past two years. Required: What is the percent increase in the base? Note: Round your answer to the nearest hundredth percent. What is Joe's increase in Social Security tax for the new year? Note: Round your answer to the nearest cent

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