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Social Security tax Math Help !?

you are self employed and report a taxable income of $200,000 in 2010. The social security tax rate for that year is 12.4% up to $106800. How much do you pay for social security tax?

1 Answer

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  • ?
    Lv 6
    8 years ago
    Favorite Answer

    12.4% * ($106,800) = $13,243.20

    we only tax the $106,800 out of the $200,000

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