Determine the total annual fica tax for an annual salary of $63,250. a. $4,838.63 b. $7,538.73 c. $48,386.30 d. $75,387.30 pleas

Question

1 year ago

10

e select the best answer from the choices provided a b c d

1 answer:

ki77a [65] · Answer 1 · 2024-02-23T12:55:16+03:00

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.

Learn more about FICA tax here:

#SPJ4