Final answer:
Krystal's monthly gross pay is $7,062.50. She pays $438.68 in Social Security taxes each month, $102.47 in Medicare taxes each month, and $541.15 in FICA taxes each month.
Step-by-step explanation:
A. To find Krystal's monthly gross pay, we divide her annual salary by 12 (the number of months in a year):
Gross monthly pay = $84,750 / 12 = $7,062.50
B. Social Security tax is 6.2% of the gross pay. To calculate the monthly Social Security tax:
Monthly Social Security tax = Gross monthly pay × 6.2% = $7,062.50 × 0.062 = $438.68
C. Medicare tax is 1.45% of the gross pay. To calculate the monthly Medicare tax:
Monthly Medicare tax = Gross monthly pay × 1.45% = $7,062.50 × 0.0145 = $102.47
D. FICA taxes include both Social Security and Medicare taxes. To calculate the monthly FICA taxes:
Monthly FICA taxes = Monthly Social Security tax + Monthly Medicare tax = $438.68 + $102.47 = $541.15