How much do you pay for Social Security if you are taxed at 6.2% of your income and you make $4350 per month.
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How much do you pay for Social Security if you are taxed at 6.2% of your income
and you make $4350 per month.
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- In 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 29 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 3% compounded annually and you retire at age 65?$A person is 71 and earning $23000 a year at a part time position, how much of their allotted $12000 yearly social security payments would they recieve?Mena has year-to-date (YTD) earnings of $125,200. If her next paycheck put her above the wage base limit of $128,400, what will be the amount of the social security deduction at 6.2 %? a. $788.76 b. $128.20 c. $198.40 d. $204.60
- Imagine your uncle is currently earning $200,000 pa and is about to retire. What percent of his current income will Social Security pay?How much in Social Security taxes should be deducted from Laruen E's check? *round to the nearest penny* How much Social Security will be withheld from Lauren's pay for the 51st pay (next week's pay)? How much in Medicare taxes should be deducted from Laruen E's check? *round to the nearest penny* What is Gabriel J's net (take home) pay? *round to the nearest penny*Suppose you are in the 35% tax bracket (because you make $210,000) and have $6000 to put into a retirement account. How much tax do you pay on the $6000 this year if you put the money into a Traditional IRA? $
- Suppose people can live in two periods. In the first period people are young and they work. Each earns $20,000, and the payroll tax is 10%. In the second period, people are old and they retire. Retirees rely on social security benefits. The social security system is a combination of a funded pension and an unfunded investment, and the interest rate is 4%. People get the investment back when they retire. For the unfunded part, 50% of the payroll tax collected from young workers are paid to retirees immediately. In each period, the number of people grows by 5%, and the wage grows by 5%. In period 1 there are 100 young workers (first generation). In period 2, the first generation can get benefits from the social security program. Question: compute the benefit that a retiree of the first generation can get in period 2.Reggie makes $400 per week and has a cash taxable benefit of $5 00 per pay He is paid weekly. How much would he pay in CPP contributions? $17 86 O $19. 25 O $17.89 $18 400. Assume that upon graduation you make$63,500per year. What are the legally required costs for Social Security, Old-age, Survivors, and Disability Insurance, \& Medicare for the firm you work for in both dollar values and percentages? How much will you have to pay yourself? How much would you pay if you were self-employed earning the same amount?
- f. Insurance: You are still not done allocating your paycheck. Assume that you pay annually 0.5% of your home value in home insurance. You also pay $1,000/year in auto insurance, $2,500/year in medical and dental insurance, and $350 / year in life insurance. What is your monthly payment for these deductions?1. How much has Max earned so far this year? 2. What is his gross pay for this pay period? 3. What is his net pay for this pay period? 4. How many different deductions were taken out of Max’s check?Tamara works for FunCorp. She makes $65,000 per year in salary. How much does she pay in FICA taxes for the year? $4,030.00 O $4,972.50 O $8,060.00 O $9,945.00