The total annual fica tax for an annual salary of $38,480 is: d. $2,943.72.
Total annual FICA tax
FICA tax comprises of:
Social security= 6.2%
Medicare=1.45%
Hence:
Social Security=$38,480 x 0.062
Social security =$2,385.76
Medicare= $38,480 x 0.0145
Medicare=$557.96
FICA tax=$2,385.76+$557.96
FICA tax=$2,943.72
Therefore the total annual fica tax for an annual salary of $38,480 is: d. $2,943.72.
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