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What Social Security Tax would a self-employed individual pay on an annual salary of $75,000?$4,650$11,475$7,500$10,000

Question

What Social Security Tax would a self-employed individual pay on an annual salary of $75,000?

  • $4,650
  • $11,475
  • $7,500
  • $10,000
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Solution

The Social Security tax rate for self-employed individuals in 2021 is 12.4%. To calculate the Social Security tax on a $75,000 salary, you would do the following:

  1. Convert the tax rate from a percentage to a decimal: 12.4% = 0.124
  2. Multiply the salary by the tax rate: 75,0000.124=75,000 * 0.124 = 9,300

So, a self-employed individual with an annual salary of 75,000wouldpay75,000 would pay 9,300 in Social Security tax. However, this option is not listed in your choices. Please check the tax rate or the options again.

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