Gary earned a gross pay of $1,047.30 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social Security tax deducted from Gary’s gross pay.
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To determine the amount of Social Security tax deducted from Gary's gross pay, we need to multiply his gross pay by the Social Security tax rate.
First, we need to find the amount of Social Security tax rate. The Social Security tax rate is given as 6.2% or 0.062.
Next, we'll calculate the Social Security tax deducted by multiplying Gary's gross pay by the Social Security tax rate.
Social Security tax deducted = Gross pay x Social Security tax rate
= $1,047.30 x 0.062
= $64.94
Therefore, the amount of Social Security tax deducted from Gary's gross pay is $64.94.