question 26 (3.3 points)\nif you are not self - employed and you are paid a salary of $17,000.00, what is…

question 26 (3.3 points)\nif you are not self - employed and you are paid a salary of $17,000.00, 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%<br>only on the first $168,600 | 6.2%<br>only on the first $168,600 |\n| medicare tax | 1.45% | 1.45% |\n| total | 7.65% | 7.65% |\n| additional medicare tax | 0.9%<br>only on earnings over $200,000 for single filers, $250,000 for joint filers, and $125,000 for those married filing separately | |\nenter the dollar amount rounded to the nearest cent.\nyour answer:

question 26 (3.3 points)\nif you are not self - employed and you are paid a salary of $17,000.00, 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%<br>only on the first $168,600 | 6.2%<br>only on the first $168,600 |\n| medicare tax | 1.45% | 1.45% |\n| total | 7.65% | 7.65% |\n| additional medicare tax | 0.9%<br>only on earnings over $200,000 for single filers, $250,000 for joint filers, and $125,000 for those married filing separately | |\nenter the dollar amount rounded to the nearest cent.\nyour answer:

Answer

Explanation:

Step1: Identify the tax - rate and income

The Social Security tax rate for employees is 6.2% and the salary is $17,000. Since $17,000 is less than the cap of $168,600, we use the full salary for the calculation.

Step2: Calculate the Social Security tax

The formula for calculating the tax is $Tax = Tax\ rate\times Income$. So, $Tax=0.062\times17000$. $0.062\times17000 = 1054$

Answer:

$1054.00$