Determine the total annual fica tax for an annual salary of $38,480. a. $294.37 b. $717.96 c. $2,385.76 d. $2,943.72 please sele

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3 years ago

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ct the best answer from the choices provided a b c d

1 answer:

sweet [91] · Answer 1 · 2022-12-27T04:48:58+03:00

The total annual FICA tax for an annual salary of $38,480 is D $2,943.72.

FICA tax comprises Social security tax + Medicare tax.

Where: Social security tax=6.2%, Medicare tax=1.45%, FICA tax =7.65%

The total annual fica tax for an annual salary of $38,480 is given by;

FICA tax=($38,480×6.2%)+($38,480×1.45%)

FICA tax=$2,385.76+$557.96

FICA tax= $2,943.72

Hence, the total annual FICA tax for an annual salary of $38,480 is D $2,943.72.

Learn more about FICA tax here: