gary earned a gross pay of $1,047.30 last week. using the fact that social security tax is 6.2% of gross…

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 garys gross pay. a. $6.49 b. $8.38 c. $64.93 d. $83.78 please select the best answer from the choices provided

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 garys gross pay. a. $6.49 b. $8.38 c. $64.93 d. $83.78 please select the best answer from the choices provided

Answer

Explanation:

Step1: Convert percentage to decimal

$6.2%=0.062$

Step2: Calculate tax amount

$1047.30\times0.062 = 64.9326\approx64.93$

Answer:

C. $64.93$