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 one year 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.
 one year 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.

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

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

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

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

radar
 one year 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
 one year ago
Best ResponseYou've already chosen the best response.0dw:1374683161153:dw

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

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

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

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

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

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

radar
 one year 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
 one year 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
 one year 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.
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