In an effort to stimulate economic growth, President Obama proposed “The America

Question

In an effort to stimulate economic growth, President Obama proposed “The American Jobs Act,” which reduced both employer and employee payroll taxes from 6.2% to 3.1%. If the act passed as originated, how much would Juan Carlos Soto, Jr., have saved in his net pay if he earned $7,396 in March 2012 with earnings to date of $25,127?

In an effort to stimulate economic growth, President Obama proposed “The American Jobs Act,” which reduced both employer and employee payroll taxes from 6.2% to 3.1%. If the act passed as originated, how much would Juan Carlos Soto, Jr., have saved in his net pay if he earned $7,396 in March 2012 with earnings to date of $25,127?

Explanation / Answer

3.1% of $25,127

or

778.97

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