Get detailed and accurate responses to your questions on IDNLearn.com. Get comprehensive answers to all your questions from our network of experienced experts.
Sagot :
To determine the employee's yearly contribution to the U.S. Social Security tax on a salary of [tex]$100,000, follow these steps:
1. Identify the Social Security tax rate for the employee:
According to the given table, the employee is responsible for a Social Security tax rate of 6.20%.
2. Convert the percentage to a decimal:
To make calculations easier, convert the percentage into a decimal. A percentage of 6.20% is equivalent to 0.0620 in decimal form.
3. Calculate the contribution amount:
Multiply the employee's salary by the Social Security tax rate in decimal form:
\( \text{Social Security Contribution} = \text{Salary} \times \text{Tax Rate} \)
Using the given values:
\[
\text{Social Security Contribution} = \$[/tex]100,000 \times 0.0620
\]
4. Compute the result:
Performing the multiplication gives:
[tex]\[ \text{Social Security Contribution} = \$100,000 \times 0.0620 = \$6200.00 \][/tex]
Therefore, the employee's yearly contribution to the U.S. Social Security tax on a salary of [tex]$100,000 is $[/tex]6200.00.
\]
4. Compute the result:
Performing the multiplication gives:
[tex]\[ \text{Social Security Contribution} = \$100,000 \times 0.0620 = \$6200.00 \][/tex]
Therefore, the employee's yearly contribution to the U.S. Social Security tax on a salary of [tex]$100,000 is $[/tex]6200.00.
Thank you for being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Your search for solutions ends at IDNLearn.com. Thank you for visiting, and we look forward to helping you again.