The total annual FICA tax for an annual salary of $63,250 is: a. $4,838.63.
Total annual FICA tax:
Social security tax rate is 6.2% of the annual salary while Medicare tax rate is 1.45% of the annual salary.
Hence,
Social security tax = 6.2% × $63,250
Social security tax = $3,921.50
Medicare tax = 1.45% × $63,250
Medicare tax = $917.13
Total annual FICA tax = $3,921.50 + $917.13
Total annual FICA tax = $4,838.63
Therefore, the total annual FICA tax for an annual salary of $63,250 is: a. $4,838.63.
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