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28 May, 21:07

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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Answers (1)
  1. 28 May, 21:23
    0
    The answer would be A).

    Multiply $54,000 by 0.0189 to find out how much the tax would be increased by.

    You get 1020.60
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