Question

Employees in 2012 paid 4.2% of their gross wages towards Social Security while employers paid another 6.2% how much did someone earning $65,000 a year gross wages paid towards Social Security in 2012

Answer 1

Case 1:

If you are an employee making $65000 a year, then you would pay

`65000*(4.2)/(100)=2730`

$2730 toward social security.

Case 2:

If you are an employer with an employee who makes $65000, then you would pay

`65000*(6.2)/(100)=4030`

$4030 towards social security for that employee.