Question

Employees in 2012 paid 4.2% of their gross wages towards social security (FICA tax), while employers paid another 6.2%. How much will someone earning $62,000 a year pay themselves towards social security out of their gross wages?

Answer 1

Answer: In 2012, employees paid 4.2% of their gross wages towards social security (FICA tax). Therefore, someone earning $62,000 a year would pay:

0.042 * $62,000 = $2,604

towards social security out of their gross wages.

Please note that this calculation is based on the given information and does not take into account any other factors that may affect the final amount.