The government uses part of payroll taxes to pay for Social Security..pdf

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The future value at 4.75% interest, compounded continously for 6 Years, of the countinous income steam with the rate of flow f(t)=1,350e^0.02t, is $8,857. Compute interest earnerd. The future value at 4.75% interest, compounded continously for 6 Years, of the countinous income steam with the rate of flow f(t)=1,350e^0.02t, is $8,857. Compute interest earnerd. Solution Answer : Given, Time (t) = 6 years; Rate of interest (r) = 4.75% Future value = $8857 Continuous income = 1350e^0.02t = 1350 (2.7183)^0.02×6 ; where e is the mathematical constant and the value of e is 2.7183 (approximately). = 1350 (2.7183)^0.12 = 1350 × 1.1274 = $1521.99 Therefore, earned interest amount is ( 8875 - 1521.99 ) = $7335.01.

Education

The government uses part of payroll taxes to pay for Social Security. Consider four workers:
Mark, Jim, Paul, and Sean. The table shows their labor income and the amount they pay in taxes
to fund Social Security. Calculate the Social Security average tax rate for each worker and
complete the table below. (Enter your answers rounded to one decimal place.) Social Labor
Security Average Income (Tax paid) Tax Rate percent) Worker (dollars) (dollars) Mark $35,000
$2,170 Jim 60,000 3,720 Paul 120,000 7,347 Sean 145,000 7,347 The Social Security tax is
select.
Solution
Average tax rate = Total tax paid / Income * 100
For Mark : 2170/35000 * 100 = 6.2%
Similarly , for Jim = 6.2%
Paul = 6.12% (approx)
Sean = 5.07% (approx)
The social security tax is : Total Tax / Total Income * 100 = 20,584/3,60,000 * 100 = 5.72 % (
approx)

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