Mathematics: 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?

Employees in 2012 paid 4.2% of their gross wages towards

kinslou6506

31.01.2022

$1807.94

Step-by-step 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

$\Rightarrow \dfrac{4.2}{100}\ of \ \$43047\\\Rightarrow \dfrac{42}{1000}\times 43047\\\Rightarrow 0.042\times 43047\\\Rightarrow \bold{\$1807.97}$

Therefore, the Social Security paid is $1807.94.

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