Final answer:
The total amount of FICA taxes payable can be calculated as the sum of Social Security and Medicare deductions, and federal and state taxes. For example, if the gross annual income is $1,000, the total FICA taxes payable would be $226.50.
Step-by-step explanation:
To calculate the total amount of FICA taxes payable, we need to consider the Social Security and Medicare deductions from the gross annual income, as well as federal and state taxes. The employee pays 6.2% for Social Security and 1.45% for Medicare. In addition, 15% of the gross annual income is assumed to go towards federal and state taxes.
Let's calculate the total FICA taxes payable.
Assuming the gross annual income is $1,000, the Social Security deduction would be $1,000 x 6.2% = $62.00. The Medicare deduction would be $1,000 x 1.45% = $14.50. The federal and state tax deduction would be $1,000 x 15% = $150.00. Therefore, the total amount of FICA taxes payable would be $62.00 + $14.50 + $150.00 = $226.50.