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16 November, 08:27

Adam is a part-time employee who earned $495.00 during the most recent pay period. He is married with two withholding allowances. Prior to this pay period, his year-to-date pay is $6,492.39. How much should be withheld from Adam's gross pay for Social Security tax?

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  1. 16 November, 08:51
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    Amount of Social Security tax = $30.69

    Explanation:

    given data

    earned = $495.00

    pay = $6,492.39

    to find out

    How much should be withheld from Adam's gross pay for Social Security tax

    solution

    we assume here no pre tax is deductions

    and social security tax rate is 6.2%

    so Amount of Social Security tax will be

    Amount of Social Security tax = earned * social security tax

    Amount of Social Security tax = $495 * 6.2%

    Amount of Social Security tax = $495 * 0.062

    Amount of Social Security tax = $30.69
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