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Mr. Bernard paid $4,794 in social security tax on earnings of $68,000 one year. What was the social security tax rate for that year to the nearest hundredth of a percent)?6.85%7.05%7.15%7.65%None of these choices are correct.

Mr Bernard paid 4794 in social security tax on earnings of 68000 one year What was the social security tax rate for that year to the nearest hundredth of a perc class=

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Answer:

7.05%

Explanation:

Mr Bernard taxable income = $68,000

Amount paid as social security tax on earnings = $4,794

Let the social security tax rate = x

This gives:

[tex]\frac{x}{100}\times68,000=4,794[/tex]

Next, solve for x:

[tex]\begin{gathered} 680x=4794 \\ x=\frac{4794}{680} \\ x=7.05 \end{gathered}[/tex]

The social security tax rate for that year (to the nearest hundredth of a percent) is 7.05%.