suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). employers…

suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). employers are required to withhold a 6.2% social security tax up to a maximum base amount and a 1.45% medicare tax with no maximum. assuming the social security maximum base amount is $142,800, through what month will social security be withheld?\n\nmultiple choice\n\nsocial security will be withheld through the month of march.\n\nsocial security will be withheld through the entire year.\n\nsocial security will be withheld only in january.

suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). employers are required to withhold a 6.2% social security tax up to a maximum base amount and a 1.45% medicare tax with no maximum. assuming the social security maximum base amount is $142,800, through what month will social security be withheld?\n\nmultiple choice\n\nsocial security will be withheld through the month of march.\n\nsocial security will be withheld through the entire year.\n\nsocial security will be withheld only in january.

Answer

Explanation:

Step1: Calculate total monthly salary

The coach's monthly salary is $200,000.

Step2: Determine number of months to reach maximum

Let $n$ be the number of months. We set up the equation $200000n = 142800$. Solving for $n$, we get $n=\frac{142800}{200000}=0.714$. Since we are dealing with months, and we haven't reached the maximum after 1 month, but will exceed it if we go to the 2nd month. So Social - Security will be withheld only in January.

Answer:

Social Security will be withheld only in January.