Question

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

Answer 1

Answer:

D

Step-by-step explanation:

Answer 2

The total annual FICA tax for an annual salary of $38,480 is D $2,943.72.

FICA tax comprise of Social security tax + Medicare tax

Where:

• Social security tax=6.2%

• Medicare tax=1.45%

• FICA tax =7.65%

Hence:

FICA tax=($38,480×6.2%)+($38,480×1.45%)

FICA tax=$2,385.76+$557.96

FICA tax= $2,943.72

Inconclusion the  total annual FICA tax for an annual salary of $38,480 is D $2,943.72.

Learn more about FICA tax here:https://brainly.com/question/1154643