Sean is Mr. Grady’s full-time employee. He is paid $43,000 per year and receives his pay bimonthly. Besides federal and state income tax, Mr. Grady is required to withhold 7.65 percent for social security tax.
a. What was Sean’s bimonthly income before anything is taken out?
b. How much social security tax is withheld for the year?
c. How much social security tax is withheld bimonthly?
d. How much social security tax does Mr.Grady pay quarterly for Sean? (Note: The employer and the employee share the tax equally, but the employer makes the payment.)
a. $1,791.67
b. $3,289.50
c. $137.06
d. $1,644.72
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