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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.

Verified Answer :

W0lf93

Answer:$64.93
Explanation:
The amount of Social Security tax deducted from Gary's gross pay is approximately
$64.93.You get this by multiplying $1,047.30 by decimal equivalent of 6.2%(6.2/100=0.062).
0.062*1047.30=64.93

Answer:

The  amount of Social Security tax deducted from Gary’s gross pay is $64.93.

Step-by-step explanation:

Given : Gary earned a gross pay of $1,047.30 and Social Security tax is 6.2% of gross pay.

We have to determine the amount of Social Security tax deducted from Gary’s gross pay

Since, Gary's gross pay is $1,047.30

and Social Security tax is 6.2% of the gross pay.

So the amount of Social Security tax deducted from Gary’s gross pay is 6.2% of $1,047.30

that is  \(\frac{6.2}{100}\times  1,047.30\)

Solving we get,

\(\frac{6.2}{100}\times  1,047.30=64.9326\)

Thus, the  amount of Social Security tax deducted from Gary’s gross pay is $64.93

 

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