Question

2. In 2008, the maximum taxable income for Social Security was

$ 102,000 and the tax rate was 6.2%.
paid in the year 2008?
What is the maximum Social Security tax anyone could have
b. Randy had two jobs in 2008. One employer paid him $67,010
and the other paid him $51,200. Each employer took out 6.2%
for Social Security taxes. How much did Randy overpay for Social
rity taxes in 2008?

Answer 1

Answer: A: $6324

B: by $1005.04 more

Explanation:

A: 6.2% of 102,000 is 6324

B: find the tax rate of each job by finding 6.2% of what was paid, add them together, then subtract the maximum tax rate from that to see how he over paid