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. a. $6.49 b. $8.38 c. $64.93 d. $83.78

Given: Gary earned a gross pay of $1,047.30

Social Security tax is 6.2% of gross pay

To find: the amount of Social Security tax deducted from Gary’s gross pay

The amount of Social Security tax deducted from Gary’s gross pay = 6.2% of $1,047.30

or,       = (6.2 ÷ 100) ×  $1,047.30

or,        = 0.062 ×$1,047.30

or,        =  $ 64.93

Hence, the required amount of Social Security tax will be $ 64.93. So, the correct option will be (c) $ 64.93

560

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