Question

To date, Jay Ward has a cumulative earnings of $95,000. This week he is paid $3,000. The total amount of Social Security Tax for this week is: (Assume a rate of 6.2% on $97,500 for Social Security and 1.45% for Medicare

Answer 1

my options are
A. $186.00

B. $155.00

C. $57.66

D. $180.00

Answer 2

The cap on earnings that can be taxed for Social Security is $97,500. Jay has already been taxed on $95,000 of earnings. So on this paycheck, only ($97,500 - $95,000) = $2,500 of his earnings are taxable for Social Security.

\[($2,500)(0.062) = $155.00\]

Answer 3

ohhh.. thats nice !!! thnx

Answer 4

thx shane

i have one more question thats hard for me

Answer 5

Leo Corporation pays its employees on a graduated commission scale: 6 percent on 1st $40,000 sales; 7% on sales above $40,000 to $80,000; and 9 percent on sales greater than $80,000. Bernie Kaminsky had sales of $105,000. His commission is

Answer 6

Is it a multiple choice question? I just want to make sure my answer is on the list :)

Answer 7

A. $2,400

B. $7,450

C. $5,200

D. $1,350

Answer 8

It should be something like this:
\[0.06*$40,000+0.07*$40,000+0.09*$25,000=$7,450\]

Answer 9

ok thx

Answer 10

You just need to read through the question and do each part. Is any of the above unclear?

Answer 11

know its clear i just get confused on where things go

Answer 12

ok, good luck then :)