Question

Charles Stickley's gross weekly pay is $925. His earnings to date for the year total $21,045. What amount is deducted weekly for Social Security taxes, if the tax rate is 6.2%?

Answer 1

$57.35

Explanation:

We are given that

Charles Stickley's gross pay=$925

Total earnings to date for the year=$21,045

Tax rate=6.2%

We have to find the amount deducted weekly for social security taxes.

To find the amount deducted weekly for Social Security taxes we will find the 6.2% of 925.

Amount deducted weekly=6.2% of $925

Amount deducted weekly=
`(6.2)/(100)* 925`

Amount deducted weekly=
`(5735)/(100)`

Amount deducted weekly=$57.35

Hence, the amount deducted weekly for social Security taxes=$57.35