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GodBlessYou
Group Title
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.
 one year ago
 one year ago
GodBlessYou Group Title
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.
 one year ago
 one year ago

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foreverandalways13 Group TitleBest ResponseYou've already chosen the best response.0
hi!
 one year ago

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
Hi! :) How's it going?
 one year ago

radar Group TitleBest ResponseYou've already chosen the best response.0
What is the maximum taxed in 1935?
 one year ago

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
yes :) and 1995
 one year ago

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

radar Group TitleBest ResponseYou've already chosen the best response.0
I read it as $3,000. What do you read it as?
 one year ago

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

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

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
Ok so now they want on percen of that would i divide by 100?
 one year ago

radar Group TitleBest ResponseYou've already chosen the best response.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).
 one year ago

radar Group TitleBest ResponseYou've already chosen the best response.0
dw:1374683072347:dw
 one year ago

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
dw:1374683161153:dw
 one year ago

radar Group TitleBest ResponseYou've already chosen the best response.0
Do you understand the drawing? What is the maximum amount of EARNINGS taxed in 1995?
 one year ago

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
$30.00
 one year ago

radar Group TitleBest ResponseYou've already chosen the best response.0
Please read again my last question and respond with a correct answer.
 one year ago

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
oh ok so lets see it would be..
 one year ago

radar Group TitleBest ResponseYou've already chosen the best response.0
And, yes, $30.00 is the maximum amount of tax for 1935.
 one year ago

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
would you multiply by 7.65%?
 one year ago

radar Group TitleBest ResponseYou've already chosen the best response.0
dw:1374683423547:dw What would you multiply by 7.65%
 one year ago

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

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
Im not sure..
 one year ago

GodBlessYou Group TitleBest ResponseYou've already chosen the best response.0
g2g for a minute will be back
 one year ago

radar Group TitleBest ResponseYou've already chosen the best response.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.
 one year ago

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

radar Group TitleBest ResponseYou've already chosen the best response.0
dw:1374684268935:dw
 one year ago

radar Group TitleBest ResponseYou've already chosen the best response.0
dw:1374684533266:dw Solve this for the maximum FICA tax for the 1995 income. g2g, good luck with your studies.
 one year ago
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