Answered

At Westonci.ca, we connect you with the best answers from a community of experienced and knowledgeable individuals. Get immediate and reliable solutions to your questions from a community of experienced experts on our Q&A platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Determine the total annual FICA tax for an annual salary of $110,330. Use $106,800 for maximum taxable earnings. A. $822. 14 b. $844. 02 c. $8,221. 39 d. $8,440. 24

Sagot :

abiolataiwo2015

Based on the information given the total annual FICA tax for an annual salary is: c. $8,221.39.

FICA tax comprises of Social security tax and Medicare tax

Where:

Social security tax=6.2%

Medicare tax=1.45%

To determine the total annual FICA tax the social security tax of 6.2% will be taxed on maximum taxable earnings while the Medicare tax of 1.45% will be taxed on the annual salary.

Hence:

Social security tax=6.2%×$106,800

Social security tax=$6,621.6

Medicare tax=1.45%×$110,330

Medicare tax=$1,599.785

Total annual FICA tax=$6,621.6+$1,599.785

Total annual FICA tax=$8,221.385

Total annual FICA tax=$8,221.39 (Approximately)

Inconclusion the total annual FICA tax for an annual salary is: c. $8,221.39.

Learn more about FICA tax here: https://brainly.com/question/9340917

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.