An employee earned $45,000 during the year working for an employer when the maximum limit for...
An employee earned $45,000 during the year working for an employer when the maximum limit for Social Security was $118,500. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is:
Multiple Choice
-
$3,442.50.
-
$6,232.50.
-
$652.50.
-
$2,790.00.
-
$6,885.00.
Homework Answers
Solution :
Total income = $45000
Social security rate = 6.2%
Medicare rate = 1.45%
Total FICA tax rate = 6.2% + 1.45%
= 7.65%
Annual FICA taxes amount = $45000 * 7.65%
= $ 3,442.50
Hence ,correct option is $
3,442.50 .
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