The Social Security Administration increased the taxable wage base from $137, 700 to $142, 800. The 6.2% tax rate is unchanged. Joe Burns earned over $132,500 each of the past two years. What is the percent increase in the base? Note: Round your answer to the nearest hundredth percent.
The Social Security Administration increased the taxable wage base from $137, 700 to $142, 800. The 6.2% tax rate is unchanged. Joe Burns earned over $132,500 each of the past two years. What is the percent increase in the base? Note: Round your answer to the nearest hundredth percent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Social Security Administration increased the taxable wage base from $137, 700 to $142, 800. The 6.2% tax rate is unchanged. Joe Burns earned over $132,500 each of the past two years. What is the percent increase in the base? Note: Round your answer to the nearest hundredth percent.
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