There is a cap on the amount that an employee or employer has to pay for Social Security contributions. The cap for the 2023 tax year is $9,932.40. How much money would someone have to earn for that amount to be 6.2% of their income?

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ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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Chapter14: Planning For Retirement
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There is a cap on the amount that an employee or employer has to pay for Social Security contributions. The cap for the 2023 tax year is $9,932.40. How much money would someone have to earn for that amount to be 6.2% of their income?

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