Problema Solution
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 provided by our tutors
0.062*47,000 + 0.0145*47,000 = (0.062 + 0.0145)*47,000 = 0.0765*47,000 = $3,595.50
i would pay $3,595.50 to FICA.