Question
Employees in 2012 paid 4.2% of their gross wages towards social security (FICA tax), while employers paid another 6.2%. How much will someone earning $67,000 a year pay towards social security out of their gross wages?
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Answered by
GPT 3.5
To find out how much someone earning $67,000 a year will pay towards social security, we need to calculate 4.2% of their gross wages.
4.2/100 x 67000 = $2814
Therefore, someone earning $67,000 a year will pay $2814 towards social security out of their gross wages.
4.2/100 x 67000 = $2814
Therefore, someone earning $67,000 a year will pay $2814 towards social security out of their gross wages.
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