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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

The wage base limit for social security used in this chapter is _____. (9-5)

To determine

To fill: The blank space in the statement, “The wage base limit for social security used in this chapter is ______”.

Explanation

The purpose of Federal insurance contribution Act (FICA) to provide monthly benefit to retired and disabled workers and to the families of deceased workers.

The social security tax is assessed to virtually every worker in United State. This is based on a certain percent of the workers income up to a specified limit or wage base per year.

When the tax began in 1937, the tax rate was 1% up to a wage base of $3,000 and at that time, the maximum a worker could be taxed per year was $30.

FICA tax is divided in 2 category social security tax OASDI, which stands for old age, survivors and disability insurance) is a retirement planed, and Medicare tax is for health care and hospital insurance.

The wage base limit for social security used in this chapter is $117,000...

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