Question

How much social security tax do you pay if you make $30,000 per year?

A) $1,860
B) $4,501.20
C) $1,872.60
D) $1,200

Answer 1

The Social Security tax is calculated at a rate of 6.2% of your gross annual income. On a $30,000 annual income, the social security tax you would pay is $1,860.

Step-by-step explanation:

The Social Security tax is calculated at a rate of 6.2% of your gross annual income. To find the amount of social security tax you would pay on a $30,000 annual income, you can multiply $30,000 by 0.062. So, the social security tax you would pay is $1,860 (Option A).

If you make $30,000 per year, the amount of Social Security tax you would pay can be calculated as follows:

Social Security tax rate: 6.2% of your gross annual income