The Social Security Administration increased the taxable wage base from $106,800 to $110,100. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each of the past two years.
a.
What is the percent increase in the base? (Round your answer to the nearest hundredth percent.)
Percent increase
%
b.
What is Joe's increase in Social Security tax for the new year? (Round your answerto the nearest cent.)
Increase in social security tax
$
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