Choose the answer.
Amanda has a job that pays $92,000 per year. How much will she pay in social security taxes? (Social security taxes are 6.2% of earnings.)
Question 5 options:
$570.40
$5,704.00
$14,838.00
$57,040.00
To calculate the social security taxes, we need to find 6.2% of $92,000.
6.2% of $92,000 = (6.2/100) * $92,000
= $5,704.00
Therefore, Amanda will pay $5,704.00 in social security taxes.
The correct answer is $5,704.00.