BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
The social security tax is calculated by
|
|
multiplying total earnings by the tax rate.
|
|
|
multiplying net earnings by the tax rate.
|
|
|
using a tax table
|
|
|
none of these
|
Explanation:
Detailed explanation-1: -How to calculate it. To calculate how much Social Security tax you need to withhold from an individual employees’ paycheck, multiply your employee’s gross income for the current pay period by 6.2%, which is the current Social Security tax rate.
There is 1 question to complete.