what is the employees yearly contribution to the u.s. social security tax on a salary of $100,000? fica…

what is the employees yearly contribution to the u.s. social security tax on a salary of $100,000? fica taxes social security medicare total due: 12.40% 2.90% employers responsibility 6.20% 1.45% employees responsibility 6.20% 1.45% $?

what is the employees yearly contribution to the u.s. social security tax on a salary of $100,000? fica taxes social security medicare total due: 12.40% 2.90% employers responsibility 6.20% 1.45% employees responsibility 6.20% 1.45% $?

Answer

Explanation:

Step1: Identify the tax - rate

The employee's Social Security tax rate is 6.20% or 0.062 in decimal form.

Step2: Calculate the tax amount

Multiply the salary by the tax rate. The salary is $100,000. So the tax amount is $100000\times0.062$. $100000\times0.062 = 6200$

Answer:

$6200$