question 17 (4 points)\nif you are not self - employed and you are paid a salary of $86,400.00, what is the…

question 17 (4 points)\nif you are not self - employed and you are paid a salary of $86,400.00, what is the amount of your social security tax?\nuse the 2024 fica (social security and medicare) tax rates in the table below.\n2024 fica tax rates\n| | employee pays | employer pays |\n|--|--|--|--|\n| social security tax | 6.2% | 6.2% |\n| | only on the first $168,600 | only on the first $168,600 |\n| medicare tax | 1.45% | 1.45% |\n| total | 7.65% | 7.65% |

question 17 (4 points)\nif you are not self - employed and you are paid a salary of $86,400.00, what is the amount of your social security tax?\nuse the 2024 fica (social security and medicare) tax rates in the table below.\n2024 fica tax rates\n| | employee pays | employer pays |\n|--|--|--|--|\n| social security tax | 6.2% | 6.2% |\n| | only on the first $168,600 | only on the first $168,600 |\n| medicare tax | 1.45% | 1.45% |\n| total | 7.65% | 7.65% |

Answer

Explanation:

Step1: Identify the applicable tax rate

The employee - paid Social Security tax rate is 6.2% and it is applied only on the first $168,600 of income. The salary of $86,400 is less than $168,600, so the entire $86,400 is subject to the Social Security tax.

Step2: Calculate the Social Security tax

Multiply the salary by the tax rate. The formula is $Tax = Salary\times Tax\ rate$. So, $Tax=86400\times0.062$. $86400\times0.062 = 5356.8$

Answer:

$5356.80$