Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

GodBlessYou

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.

  • 8 months ago
  • 8 months ago

  • This Question is Closed
  1. foreverandalways13
    Best Response
    You've already chosen the best response.
    Medals 0

    hi!

    • 8 months ago
  2. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    Hi! :) How's it going?

    • 8 months ago
  3. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    What is the maximum taxed in 1935?

    • 8 months ago
  4. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    yes :) and 1995

    • 8 months ago
  5. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    What is the maximum amount that can be taxed in 1935? (according to the information provided by the problem.

    • 8 months ago
  6. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    I read it as $3,000. What do you read it as?

    • 8 months ago
  7. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    I'm not sure.. I have the answers $30 and $4,681.80 but I'm not sure how they got that..

    • 8 months ago
  8. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    Now what is 1% of that, that will be the maximum tax for 1935, which is what the problem is wanting from you.

    • 8 months ago
  9. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    Ok so now they want on percen of that would i divide by 100?

    • 8 months ago
  10. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    Don'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).

    • 8 months ago
  11. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    ok

    • 8 months ago
  12. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    |dw:1374683072347:dw|

    • 8 months ago
  13. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    |dw:1374683161153:dw|

    • 8 months ago
  14. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    Do you understand the drawing? What is the maximum amount of EARNINGS taxed in 1995?

    • 8 months ago
  15. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    $30.00

    • 8 months ago
  16. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    Please read again my last question and respond with a correct answer.

    • 8 months ago
  17. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    oh ok so lets see it would be..

    • 8 months ago
  18. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    And, yes, $30.00 is the maximum amount of tax for 1935.

    • 8 months ago
  19. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    would you multiply by 7.65%?

    • 8 months ago
  20. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    |dw:1374683423547:dw| What would you multiply by 7.65%

    • 8 months ago
  21. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    You have never answered my question regarding what is the maximum FICA earnings that is taxed at the 7.65% rate.

    • 8 months ago
  22. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    Im not sure..

    • 8 months ago
  23. GodBlessYou
    Best Response
    You've already chosen the best response.
    Medals 0

    g2g for a minute will be back

    • 8 months ago
  24. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    Again, 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.

    • 8 months ago
  25. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    Do you understand the last sentence in the above post? What is the maximum FICA earnings that can be taxed in 1995?

    • 8 months ago
  26. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    |dw:1374684268935:dw|

    • 8 months ago
  27. radar
    Best Response
    You've already chosen the best response.
    Medals 0

    |dw:1374684533266:dw| Solve this for the maximum FICA tax for the 1995 income. g2g, good luck with your studies.

    • 8 months ago
    • Attachments:

See more questions >>>

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
  • 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.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.