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The social security administration increased the taxable

Question - The Social Security Administration increased the taxable wage base from $118,300 to $120,100. The 6.2% tax rate is unchanged. Joe Burns earned over $120,000 each of the past two years.

a. What is the percent increase in the base?

b. What is Joe's increase in Social Security tax for the new year?

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Accounting Basics: The social security administration increased the taxable

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Accounting Basics: The social security administration increased the taxable

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