The Social Security Administration increased the taxable wagebase from $107,200 to $109,100. The 6.2% tax rate is unchanged. JoeBurns earned over $120,000 each of the past two years. a. What isthe percent increase in the base? (Round your answer to the nearesthundredth percent.) Percent increase % b. What is Joe’s increase inSocial Security tax for the new year? (Round your answer to thenearest cent.) Increase in social security tax $
