Determine the total annual FICA tax for an annual salary of $38,480. A. $294. 37 b. $717. 96 c. $2,385. 76 d. $2,943. 72.

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03-11-2021
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Determine the total annual FICA tax for an annual salary of $38,480. A. $294. 37 b. $717. 96 c. $2,385. 76 d. $2,943. 72.

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Codywallace0014idn Codywallace0014idn · Answer 1 · 2021-11-03T21:10:11-04:00

Codywallace0014idn Codywallace0014idn

03-11-2021

Answer:
d. $2,943.72 is the total annual FICA tax for an annual salary of $38,480.

Explanation:
6.2% of the annual salary for the Social Security Tax, and 1.45% of the annual salary for the Medicare Tax. In total, FICA takes 7.65% of your annual salary as tax. $38,480 x 7.65% = $2,943.72.

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