In 2016, the maximum taxable income for Social Security was $118,500 and the tax rate was

6.2%. If Andrew made 243,000 in 2016, how much did he pay in Social Security tax? I

Question

Mathematics

Byron Snow

27 October, 07:00

In 2016, the maximum taxable income for Social Security was $118,500 and the tax rate was

6.2%. If Andrew made 243,000 in 2016, how much did he pay in Social Security tax? I

+3

Answers (1)

Know the Answer?

Kameron Chaney · Answer 1

If Andrew made $243,000 in 2016, then he paid $7,347 in social security tax.

Step-by-step explanation:

The maximum taxable income for social security = $118,500

Tax rate = 6.2%

Andrew made $118,500 in 2016

Social security tax = 6.2% of $118,500 = $118,500*0.062

= $7,347

In 2016, the maximum taxable income for Social Security was $118,500 and the tax rate was6.2%. If Andrew made 243,000 in 2016, how much did he pay in Social Security tax? I

In 2016, the maximum taxable income for Social Security was $118,500 and the tax rate was

6.2%. If Andrew made 243,000 in 2016, how much did he pay in Social Security tax? I