Answer:
$1807.94
Step-by-step explanation:
Given that:
Annual income = $43047
Social security (FICA tax) = 4.2% of the gross wages
To find:
Social security paid = ?
Solution:
Social security (FICA tax) is calculated by finding the 4.2% of the Total Gross Annual income.
i.e. for the given value, the social security paid can be calculated as:
4.2% of $43047
[tex]\Rightarrow \dfrac{4.2}{100}\ of \ \$43047\\\Rightarrow \dfrac{42}{1000}\times 43047\\\Rightarrow 0.042\times 43047\\\Rightarrow \bold{\$1807.97}[/tex]
Therefore, the Social Security paid is $1807.94.
