Question

Employee earned $37,000 during the year working for an employer when the maximum limit for social security was $118,500 each calendar year. the fica tax rate for social security is 6.2% and the fica tax rate for medicare is 1.45%. the employee's annual fica taxes amount is:

Answer 1

Answer:2907

Step-by-step explanation:

FICA Taxes = wages * (FICA tax rate+ Medicare tax rate)

FICA= 38,000*(.062+.0145)=2907 employee share