Question

Personal Finance

The Social Security tax is 6.2% and the Medicare tax is 1.45% of your annual income. How
much would you pay per year to FICA if your annual earnings were $47,000?

Answer 1

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Answer:

$3,595.50

Explanation:

FICA is the sum of Social Security and Medicare taxes.

7.65% × $47,000 = $3,595.50

On earnings of $47,000, you would pay $3,595.50 to FICA.