Question

Employees in 2012 paid 4.2% of their gross wages towards social security (FICA tax). How much will someone earning $43,047 a year pay towards social security?

Answer 1

$1807.94

Explanation:

Given that:

Annual income = $43047

Social security (FICA tax) = 4.2% of the gross wages

To find:

Social security paid = ?

Solution:

Social security (FICA tax) is calculated by finding the 4.2% of the Total Gross Annual income.

i.e. for the given value, the social security paid can be calculated as:

4.2% of $43047

`\Rightarrow (4.2)/(100)\ of \ \$43047\\\Rightarrow (42)/(1000)* 43047\\\Rightarrow 0.042* 43047\\\Rightarrow \bold{\$1807.97}`

Therefore, the Social Security paid is $1807.94.