Answered

IDNLearn.com offers a seamless experience for finding and sharing knowledge. Find the information you need quickly and easily with our reliable and thorough Q&A platform.

Suppose you use your entrepreneurial spirit and economics training to start your own business. In your first year of work, you are able to earn $58,000 in gross income. What is the total amount of social insurance taxes you owe the federal government

Sagot :

Abiolataiwo2015idn

The  total amount of social insurance taxes you owe the federal government is $3,596.

The social insurance taxes will be tax rate (6.2%) of gross income amount of  $58,000 which is calculated using this formula

Social insurance taxes=Social security tax rate× Gross income

Where:

Social security  tax rate=6.2%

Gross income=$58,000

Let plug in the formula

Social insurance tax=6.2%×$58,000

Social insurance tax=$3,596

Inconclusion the  total amount of social insurance taxes you owe the federal government is $3,596.

Learn more here:https://brainly.com/question/10714904

We appreciate your presence here. Keep sharing knowledge and helping others find the answers they need. This community is the perfect place to learn together. For clear and precise answers, choose IDNLearn.com. Thanks for stopping by, and come back soon for more valuable insights.