Answer:
It's called nullification
The taxable amount of Jeff’s Social Security is $12,000.00
If the taxable amount of Jeff’s Social Security is $12,000.00, then the social security for the period is $ 744
How to find social security taxes ?Employers and employees are both subject to the Social Security tax, which is used to pay for the country's Social Security program. Payroll taxes are used to collect Social Security taxes, as required by the Federal Insurance Contributions Act (FICA)
The retirement, disability, and survivorship benefits that the Social Security Administration provides to millions of Americans each year are paid for by Social Security taxes.
Some non-resident foreigners and members of religious organizations with particular ideologies are excluded from paying Social Security tax.
For social security taxes, the tax payers will pay 6.2 percent of of their wages or the portion of their wages that are taxable for social security which in this case is $ 12, 000 for Jeff.
The social security taxes to Jeff is therefore:
= 12, 000 x 6. 2%
= $ 744
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