anonymous
  • anonymous
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.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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foreverandalways13
  • foreverandalways13
hi!
anonymous
  • anonymous
Hi! :) How's it going?
radar
  • radar
What is the maximum taxed in 1935?

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anonymous
  • anonymous
yes :) and 1995
radar
  • radar
What is the maximum amount that can be taxed in 1935? (according to the information provided by the problem.
radar
  • radar
I read it as $3,000. What do you read it as?
anonymous
  • anonymous
I'm not sure.. I have the answers $30 and $4,681.80 but I'm not sure how they got that..
radar
  • radar
Now what is 1% of that, that will be the maximum tax for 1935, which is what the problem is wanting from you.
anonymous
  • anonymous
Ok so now they want on percen of that would i divide by 100?
radar
  • radar
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).
anonymous
  • anonymous
ok
radar
  • radar
|dw:1374683072347:dw|
anonymous
  • anonymous
|dw:1374683161153:dw|
radar
  • radar
Do you understand the drawing? What is the maximum amount of EARNINGS taxed in 1995?
anonymous
  • anonymous
$30.00
radar
  • radar
Please read again my last question and respond with a correct answer.
anonymous
  • anonymous
oh ok so lets see it would be..
radar
  • radar
And, yes, $30.00 is the maximum amount of tax for 1935.
anonymous
  • anonymous
would you multiply by 7.65%?
radar
  • radar
|dw:1374683423547:dw| What would you multiply by 7.65%
radar
  • radar
You have never answered my question regarding what is the maximum FICA earnings that is taxed at the 7.65% rate.
anonymous
  • anonymous
Im not sure..
anonymous
  • anonymous
g2g for a minute will be back
radar
  • radar
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.
radar
  • radar
Do you understand the last sentence in the above post? What is the maximum FICA earnings that can be taxed in 1995?
radar
  • radar
|dw:1374684268935:dw|
radar
  • radar
|dw:1374684533266:dw| Solve this for the maximum FICA tax for the 1995 income. g2g, good luck with your studies.

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