One possible solution to a diminishing Social Security payroll is to increase the Social Security tax by 1.89%. How would such an increase effect the tax on an annual salary of $54,000?
a.
Annual tax would increase by $1,020.60.
b.
Annual tax would increase by $2,327.40.
c.
Annual tax would increase by $3,348.00.
d.
Annual tax would increase by $4,368.60.
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