Question: The Social Security Administration increased the taxable wage base from $119,500 to $120,850. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each

The Social Security Administration increased the taxable wage base from $119,500 to $120,850. 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 Joes 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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