the social security administration increased the taxable wage base from 106 800 to 1 386063
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The Social Security Administration increased the taxable wage base from $106,800 to $110,100. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each of the past two years. |
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the social security administration increased the taxable wage base from 106 800 to 1 386063
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| a. |
What is the percent increase in the base?(Round your answer to the nearest hundredth percent.) |
| Percent increase | % |
| b. |
What is Joe’s increase in Social Security tax for the new year?(Round your answerto the nearest cent.) |
| Increase in social security tax | $ |
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