In 2016, the maximum taxable income for Social Security was $118,500 and the tax rate was
6.2%. If Andrew made 243,000 in 2016, how much did he pay in Social Security tax?I

Respuesta :

Answer:

If Andrew made $243,000 in 2016, then he paid $7,347 in social security tax.

Step-by-step explanation:

The maximum taxable income for social security = $118,500

Tax rate = 6.2%

Andrew made $118,500 in 2016

Social security tax = 6.2% of $118,500 = $118,500×0.062

= $7,347

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