Final answer:
To calculate FICA tax payments for a company's total salaries of $100,000 with a tax rate of 7.65%, multiply the total payments by the tax rate, resulting in $7,650 due to the government for FICA taxes.
Step-by-step explanation:
Calculating FICA Tax Payments
To calculate the total amount of FICA taxes due to the government for a company's total payments to its employees, we apply the given FICA tax rate to the total amount paid to the employees. As stated, the FICA tax rate is 7.65%, which includes both Social Security and Medicare taxes. In this case, for the total payments of $100,000 made for the month of March, the calculation is as follows:
- Total payments = $100,000
- FICA tax rate = 7.65%
- Total FICA taxes due = Total payments × FICA tax rate
- Total FICA taxes due = $100,000 × 0.0765
- Total FICA taxes due = $7,650
Therefore, the total amount due to the government for FICA taxes on the company's total payments for the month of March is $7,650.