Maura is a self-employed artist. She averages a monthly income of
$2,980. If the FICA rate is 15.02%, how much FICA tax must she pay
each year?
$2980 x 12 x 0.1502 = ?
The multiplication by 12 is necessary to get the annual gross income.
Well, being a self-employed artist, Maura must not only showcase her talent but also pay her fair share of taxes. Now, let's calculate how much FICA tax she'll owe each year.
Since Maura's average monthly income is $2,980, we can multiply this by 12 to get her annual income. That would give us a total of $35,760.
Now, to determine the FICA tax, we need to apply the FICA rate of 15.02% to her annual income. Let's crunch the numbers:
$35,760 * 0.1502 = $5,372.35.
So, Maura will have to pay approximately $5,372.35 in FICA tax each year. Don't worry, Maura, every penny counts when it comes to social security and Medicare. Keep painting those masterpieces!
To calculate the FICA tax that Maura must pay each year, we need to determine her annual income and then multiply it by the FICA rate.
Step 1: Determine Maura's annual income:
Maura's monthly income is $2,980.
To find the annual income, we multiply the monthly income by 12 (since there are 12 months in a year):
Annual income = $2,980 * 12 = $35,760
Step 2: Calculate the FICA tax:
The FICA rate is 15.02%, which we need to convert to a decimal by dividing it by 100:
FICA rate = 15.02% ÷ 100 = 0.1502
To find the FICA tax amount, we multiply Maura's annual income by the FICA rate:
FICA tax = Annual income * FICA rate = $35,760 * 0.1502 = $5,374.05
Therefore, Maura must pay $5,374.05 in FICA tax each year.
To calculate the amount of FICA tax Maura must pay each year, we first need to find her annual income. Since she has an average monthly income of $2,980, we can multiply it by 12 to get the annual income.
Annual income = Average monthly income * 12
Annual income = $2,980 * 12
Annual income = $35,760
Now, we can calculate the FICA tax amount by multiplying the annual income by the FICA rate, which is 15.02%.
FICA tax amount = Annual income * FICA rate
FICA tax amount = $35,760 * 15.02%
(Note: The FICA rate is expressed as a decimal, so we divide it by 100)
FICA tax amount = $35,760 * 0.1502
FICA tax amount = $5,370.91
Therefore, Maura must pay $5,370.91 in FICA tax each year.