2 years ago

Determine the total annual fica tax for an annual salary of $38,480.

2 answers:

6 0

The annual FICA (Federal Insurance Contributions Act) tax is composed of two parts: Social Security and Medicare Taxes. On the employee's side, he/she has to shoulder 6.2% of the annual salary for the Social Security Tax, and 1.45% of the annual salary for the Medicare Tax. So in total, FICA takes 7.65% of your annual salary as tax. To calculate the FICA tax to be paid, this is shown below:

$38,480 x 7.65% = $2943.72

Therefore, for an annual salary of $38,480, $2943.72 goes into FICA tax payment.

Phoenix [80]2 years ago

3 0

Answer:

Step-by-step explanation:

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