Monica earned $2.483 last yean attherweekendljab, but realized after the year was over that her employer did.not deducttany Social Security tax from her paychecks. How much should she have paid Am Souial Seatunitytaxes for hericamingsiast year!

Question

28-10-2022
Mathematics

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Monica earned $2.483 last yean attherweekendljab, but realized after the year was over that her employer did.not deducttany Social Security tax from her paychecks. How much should she have paid Am Souial Seatunitytaxes for hericamingsiast year!

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SilvanoH467237 SilvanoH467237 · Answer 1 · 2022-10-28T19:57:57+02:00

Let's begin by identifying key information given to us:

Income = $2,483

Social Security tax rate (for the employee) = 6.2% = 6.2/100 = 0.062 (based on the current tax regime)

Social Security tax is given by the product of Monica's income & the social security tax rate. We have:

[tex]\begin{gathered} SocialSecurityTax=Income\cdot TaxRate \\ SocialSecurityTax=2,483(0.062)=\text{\$}153.946 \\ SocialSecurityTax=\text{\$}153.95 \end{gathered}[/tex]