Answered: Question 3 FICA tax is a combination of…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question 3

FICA tax is a combination of the Social Security tax and the Medicare tax. That is there is $0.0765 tax for every $1 earned. Jon's annual income last year was $46,500. How much did Jon pay in FICA tax last year?

Group of answer choices

$3,557.25

$674.25

$2,883.00

Question 2

If Social Security Tax is $0.0620 for every $1 earned, Medicare Tax is $0.0145 for every $1 earned, which of the following amounts is closest to the amount of Social Security tax Juan will pay in a year if their income is $62,500 in a year?

Group of answer choices

$4,000

$10,000

$5,000

$1,000

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