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Determine the total annual FICA tax for an annual salary of $110,330. Use $106,800 for maximum taxable earnings

Respuesta :

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To determine the total annual FICA tax for an annual salary of $110,330. total annual FICA = (annual salary x Social Security Tax Rate(6.2%)) + (annual salary x Medicare Tax Rate(1.45%)) = ($110,330 x 0.062) + ($110,330 x 0.0145%) = $6,840.46 + [ $1,599.785 = $8,440.245. ]   

Answer:

Total annual FICA tax for an annual salary of $110,330 is $8,440.245.

Step-by-step explanation:

FICA tax is combined of Social security tax (6.2%) and Medicare tax (1.45%)

FICA tax = 6.2% + 1.45% = 7.65%

If the annual salary is $110,330

7.65% of 110,330 = [tex]\frac{7.65}{100}[/tex] × 110,330

0.0765 × 110,330 = $8,440.245

Total annual FICA tax for an annual salary of $110,330 is $8,440.245.

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