To date, Jay Ward has cumulative earnings of $118,000. This week he is paid $3,000. The...
To date, Jay Ward has cumulative earnings of $118,000. This week he is paid $3,000. The total amount of Social Security tax for this week is (assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare):
Homework Answers
SOLUTION
Jay ward has already been taxed on $118,000 of earnings.
So on this paycheck, only ($118500-$118000) = $500 of his earnings
are taxable for Social Security.
Hence total amount of socical security tax this week =500*6.2%
=500*0.062
=31
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