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

Answers

Answer 1

Answer: FICA stands for Federal Insurance Contribution Act. It is composed of Social Security Tax and Medicare Tax.

Social Security Tax is 6.2% on the 1st $118,500 wages paid.
Medicare Tax is 1.45% on the 1st $200,000 wages paid.

Social Security = 63,250 * 6.2% = 3,921.50
Medicare Tax = 63,250 * 1.45% = 917.13
Total FICA Tax 4,838.63 Choice A.

Answer 2

Answer:

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

Inconclusion the total annual FICA tax for an annual salary of $63,250 is: a. $4,838.63.

Learn more about FICA tax here:brainly.com/question/2288869

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