A community for students.
Here's the question you clicked on:
 0 viewing
GodBlessYou
 2 years ago
In 1935, the FICA tax rate was 1% on the first $3,000
annually. In 1995, the FICA tax rate was 7.65% on the first $61,200 annually. Find the maximum annual FICA tax for 1935 and 1995 respectively.
GodBlessYou
 2 years ago
In 1935, the FICA tax rate was 1% on the first $3,000 annually. In 1995, the FICA tax rate was 7.65% on the first $61,200 annually. Find the maximum annual FICA tax for 1935 and 1995 respectively.

This Question is Closed

GodBlessYou
 2 years ago
Best ResponseYou've already chosen the best response.0Hi! :) How's it going?

radar
 2 years ago
Best ResponseYou've already chosen the best response.0What is the maximum taxed in 1935?

radar
 2 years ago
Best ResponseYou've already chosen the best response.0What is the maximum amount that can be taxed in 1935? (according to the information provided by the problem.

radar
 2 years ago
Best ResponseYou've already chosen the best response.0I read it as $3,000. What do you read it as?

GodBlessYou
 2 years ago
Best ResponseYou've already chosen the best response.0I'm not sure.. I have the answers $30 and $4,681.80 but I'm not sure how they got that..

radar
 2 years ago
Best ResponseYou've already chosen the best response.0Now what is 1% of that, that will be the maximum tax for 1935, which is what the problem is wanting from you.

GodBlessYou
 2 years ago
Best ResponseYou've already chosen the best response.0Ok so now they want on percen of that would i divide by 100?

radar
 2 years ago
Best ResponseYou've already chosen the best response.0Don't worry about the answers, focus on the problem, The maximum amount (earnings) that can be taxed in 1935 is as stated by the problem is $3,000.00. Yes, 1% converted to a decimal is .01 (1/100).

GodBlessYou
 2 years ago
Best ResponseYou've already chosen the best response.0dw:1374683161153:dw

radar
 2 years ago
Best ResponseYou've already chosen the best response.0Do you understand the drawing? What is the maximum amount of EARNINGS taxed in 1995?

radar
 2 years ago
Best ResponseYou've already chosen the best response.0Please read again my last question and respond with a correct answer.

GodBlessYou
 2 years ago
Best ResponseYou've already chosen the best response.0oh ok so lets see it would be..

radar
 2 years ago
Best ResponseYou've already chosen the best response.0And, yes, $30.00 is the maximum amount of tax for 1935.

GodBlessYou
 2 years ago
Best ResponseYou've already chosen the best response.0would you multiply by 7.65%?

radar
 2 years ago
Best ResponseYou've already chosen the best response.0dw:1374683423547:dw What would you multiply by 7.65%

radar
 2 years ago
Best ResponseYou've already chosen the best response.0You have never answered my question regarding what is the maximum FICA earnings that is taxed at the 7.65% rate.

GodBlessYou
 2 years ago
Best ResponseYou've already chosen the best response.0g2g for a minute will be back

radar
 2 years ago
Best ResponseYou've already chosen the best response.0Again, it is information provided to you in the problem, it's there, see if you can find it. Please focus on information provided. I have copied it here for you top read again. In 1935, the FICA tax rate was 1% on the first $3,000 annually. In 1995, the FICA tax rate was 7.65% on the first "$61,200" annually.

radar
 2 years ago
Best ResponseYou've already chosen the best response.0Do you understand the last sentence in the above post? What is the maximum FICA earnings that can be taxed in 1995?

radar
 2 years ago
Best ResponseYou've already chosen the best response.0dw:1374684533266:dw Solve this for the maximum FICA tax for the 1995 income. g2g, good luck with your studies.
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.