FICA or Federal Insurance Contributions Act is composed of social security tax and medicare tax. Hence, we need to add these taxes to get the FICA tax.Social Security Tax is = 6.2%Medicare Tax is = 1.45%
Social Security Tax = 36,038*.062 = 2,234.356 Medicare Tax = 36,038*.0145 = 522.552
2,234.356 + 522.552 = 2,756.907 or 2,756.91
Therefore, Elias paid B.) 2,756.91 as FICA tax for the year.
<span>Read the problem entirely.
Get a feel for the whole problem.
List information and the variables you identify.
Attach units of measure to the variables (gallons, miles, inches, etc.)
Define what answer you need, as well as its units of measure.
Work in an organized manner. ...<span>Look for the "key" words (above)</span></span>
