Question: The Social Security Administration increased the taxable wage base from $118,300 to $120,100. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each

The Social Security Administration increased the taxable wage base from $118,300 to $120,100. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each of the past two years.

a.What is the percent increase in the base?(Round your answer to the nearest hundredth percent.)

Percent increase%

b.What is Joe's increase in Social Security tax for the new year?(Round your answer to the nearest cent.)

Increase in Social Security tax$

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