Question

Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary’s gross pay.

Answer 1

To find the answer, we multiply 1,047.30 by 6.2% which is 0.062 in percentage.
1047.30 x 0.062 = 64.93
64.93 is being taken away.

Answer 2

The social Security tax is $64.933 .

Explanation:

As given

Gary earned a gross pay of $1,047.30 last week.

Social Security tax is 6.2% of gross pay .

6.2% is written in the decimal form

`= (6.2)/(100)`

= 0.062

Social Security tax = 0.062 × Gross pay

Put all the values in the formula

Social Security tax = 0.062 × 1047.30

= $64.933 (Approx)

Therefore the social Security tax is $64.933 .