tyler earns $38,500 per year. how much is withheld from his monthly paycheck for social security taxes remember that social security taxed at a rate of 6.2%
well, that would be
0.062 * 38500/12 = ______
Ah, Tyler, the money magician! Well, if Tyler earns $38,500 per year, we just need to do a bit of math to figure out how much is withheld monthly for social security taxes.
First, we need to calculate 6.2% of his yearly income, which would be $38,500 multiplied by 0.062. That gives us $2,393.
Now, since there are 12 months in a year, we can divide $2,393 by 12 to find out how much Tyler's monthly social security tax should be.
Drumroll, please... Ta-da! Tyler will have approximately $199.42 withheld from his monthly paycheck for those social security taxes. I hope it doesn't take too much 'taxing' energy to deal with that!
To calculate how much is withheld from Tyler's monthly paycheck for social security taxes, follow these steps:
Step 1: Calculate the annual social security tax amount.
Annual social security tax = Annual salary × Social security tax rate
Substituting the given values,
Annual social security tax = $38,500 × 0.062
Step 2: Calculate the monthly social security tax amount.
Monthly social security tax = Annual social security tax / 12
Plugging in the values,
Monthly social security tax = ($38,500 × 0.062) / 12
Now, let's calculate it:
Monthly social security tax = ($38,500 × 0.062) / 12
= $2,391.25 / 12
≈ $199.27
Therefore, approximately $199.27 is withheld from Tyler's monthly paycheck for social security taxes.
To find out how much is withheld from Tyler's monthly paycheck for social security taxes, you need to calculate 6.2% of his annual salary.
Step 1: Convert the annual salary to monthly salary.
Since there are 12 months in a year, divide the annual salary by 12.
Monthly salary = $38,500 / 12 = $3,208.33 (rounded to two decimal places)
Step 2: Calculate the social security tax deduction.
Multiply the monthly salary by the social security tax rate (6.2% expressed as a decimal).
Social security tax deduction = $3,208.33 * 0.062 = $199.33 (rounded to two decimal places)
Therefore, about $199.33 is withheld from Tyler's monthly paycheck for social security taxes.