To determine the employee's yearly contribution to the U.S. Social Security tax on a salary of \[tex]$112,000, follow these steps:
1. Identify the employee's responsibility rate for Social Security taxes: According to the provided table, the employee's responsibility for Social Security is 6.20%.
2. Calculate the social security tax contribution:
- Multiply the employee's annual salary by the Social Security tax rate.
\[
\text{Social Security contribution} = \$[/tex]112,000 \times 0.062
\]
3. Perform the multiplication:
[tex]\[
\$112,000 \times 0.062 = \$6,944
\][/tex]
Therefore, the employee's yearly contribution to the U.S. Social Security tax on a salary of \[tex]$112,000 is \$[/tex]6,944.
