Questions: Martha earned a gross pay of 1,215.60 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social security tax deducted from Martha's gross pay. a. 7.54 b. 65.37 c. 75.37 d. 75.40 Please select the best answer from the choices provided

Martha earned a gross pay of 1,215.60 last week. Using the fact that Social Security tax is 6.2% of gross pay, determine the amount of Social security tax deducted from Martha's gross pay. a. 7.54 b. 65.37 c. 75.37 d. 75.40 Please select the best answer from the choices provided
Transcript text: Martha earned a gross pay of $\$ 1,215.60$ last week. Using the fact that Social Security tax is $6.2 \%$ of gross pay, determine the amount of Social security tax deducted from Martha's gross pay. a. $\$ 7.54$ b. $\$ 65.37$ c. $\$ 75.37$ d. $\$ 75.40$ Please select the best answer from the choices provided
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Solution

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Solution Steps

To determine the amount of Social Security tax deducted from Martha's gross pay, we need to calculate 6.2% of her gross pay of $1,215.60. This can be done by multiplying the gross pay by 0.062.

Step 1: Identify the Given Values

We are given Martha's gross pay and the Social Security tax rate:

  • Gross pay: \( \$1,215.60 \)
  • Social Security tax rate: \( 6.2\% \)
Step 2: Convert the Tax Rate to Decimal

Convert the percentage to a decimal for calculation: \[ 6.2\% = 0.062 \]

Step 3: Calculate the Social Security Tax

Multiply the gross pay by the tax rate to find the amount of Social Security tax deducted: \[ \text{Social Security tax} = 1,215.60 \times 0.062 = 75.3672 \]

Step 4: Round the Result

Round the result to two decimal places, as monetary values are typically represented: \[ 75.3672 \approx 75.37 \]

Final Answer

The Social Security tax deducted from Martha's gross pay is \( \boxed{\$75.37} \).

Thus, the correct answer is \( \boxed{\text{c. } \$75.37} \).

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