Question

Leslie works for Blank Chemical Corporation. His annual salary is $57,285.50. He is paid twice per month (biweekly). Each pay period, Leslie's employer deducts $418.63 for federal tax withholding. City tax for Blank Chemical employees is 3.65%. Answer the questions below by entering a dollar amount dollar signs or commas.

What is Leslie's annual social security (6.2%) deduction?

Answer 1

Leslie's annual Social Security deduction, calculated at a rate of 6.2% of her annual salary of $57,285.50, amounts to $3,551.70 after rounding to the nearest cent.

Step-by-step explanation:

The subject of the question involves calculating deductions and taxes from an annual salary, specifically the annual social security deduction, which is a common type of math found in personal finance education. To find Leslie's annual social security deduction, we will apply the social security tax rate to her annual salary.

Leslie's annual social security deduction can be calculated as follows:

• Annual Social Security Deduction = Annual Salary × Social Security Tax Rate
• Annual Social Security Deduction = $57,285.50 × 6.2%
• Annual Social Security Deduction = $57,285.50 × 0.062
• Annual Social Security Deduction = $3,551.701

After rounding to the nearest cent, Leslie's annual social security deduction is $3,551.70.