Question

According to this partial W-2, how much money was paid in FICA taxes?

A) $414.29
B) $1771.46
C) $2185.75
D) $3428.64

Answer 1

The FICA taxes paid can be calculated by using the information from the W-2 form. FICA taxes consist of both Social Security and Medicare taxes. To calculate the FICA taxes, multiply the gross annual income by the respective tax rates.

Step-by-step explanation:

The FICA taxes paid can be calculated by using the information from the W-2 form. FICA taxes consist of both Social Security and Medicare taxes. Social Security tax rate is 6.2% and Medicare tax rate is 1.45%. To calculate the FICA taxes, multiply the gross annual income by the respective tax rates.

For example, if the gross annual income is $50,000, the Social Security tax would be $3,100 ($50,000 * 0.062) and the Medicare tax would be $725 ($50,000 * 0.0145). The total FICA taxes paid would be $3,825 ($3,100 + $725).

In this case, you need to refer to the partial W-2 form to find the gross annual income and calculate the FICA taxes accordingly.

Answer 2

Option (C) is correct.

The Total FICA taxes paid is $2185.75.

Step-by-step explanation:

Given: a table with some data.

We have to find the amount of money paid in FICA taxes.

Since, FICA taxes includes Social security tax and medicare tax.

Thus, in the given data table,

Social Security tax is $ 1771.46 and

Medicare tax is $414.29

Thus, total FICA taxes paid is sum of social security tax and medicare tax.

FICA taxes = $(1771.46 + 414.29)

FICA taxes = $2185.75

Thus, Option (C) is correct.

Thus, Total FICA taxes paid is $2185.75.