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1. Dynasti is an employee of Swifty Car Wash, Inc in their corporate legal department. Her annual salary is [tex]\$114,800[/tex]. How much will Dynasti pay in Social Security taxes this year?

A. [tex]0.062 \cdot \$114,800 = \$7,117.60[/tex]
B. [tex]0.62 \cdot \$114,800 = \$71,176[/tex]
C. [tex]1.45 \cdot \$114,800 = \$166,460[/tex]
D. [tex]0.0145 \cdot \$114,800 = \$1,664.60[/tex]

Answer :

To determine how much Dynasti will pay in Social Security taxes this year, we need to take the following steps:

1. Identify Dynasti's Annual Salary: Dynasti earns an annual salary of [tex]$114,800.

2. Determine the Social Security Tax Rate: The Social Security tax rate is 6.2%.

3. Calculate the Social Security Taxes: Multiply Dynasti's salary by the Social Security tax rate to find the amount of taxes she will pay.

\[
\text{Social Security Taxes} = 0.062 \times 114,800 = 7,117.60
\]

Based on this calculation, Dynasti will pay $[/tex]7,117.60 in Social Security taxes this year. Thus, the correct answer is:

A. [tex]$0.062 \cdot \$[/tex] 114,800=\[tex]$ 7,117.60$[/tex]

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