Sally earns $3200 per month. If 6.2% is withheld for Social Security and 1.45% is withheld for Medicare, how much is withheld for FICA tax each month?
Round your answer to the nearest cent
bro what is the answer
Response to oobleck: Hey man, I bet you do know, but it would be much helpful if you shared your knowledge to those in need, and answered the question!!! :)
Hello everyone, and for future people, the answer to this question is $244.80
Thabks
Sure Evelyn, no problem!
To calculate how much is withheld for FICA tax each month, you need to find the sum of the amounts withheld for Social Security and Medicare.
Step 1: Calculate the withholding amount for Social Security.
Multiply the monthly earnings ($3200) by the withholding percentage for Social Security (6.2%).
$3200 * 0.062 = $198.40
Step 2: Calculate the withholding amount for Medicare.
Multiply the monthly earnings ($3200) by the withholding percentage for Medicare (1.45%).
$3200 * 0.0145 = $46.40
Step 3: Calculate the FICA tax withholding amount.
Add the withholding amounts for Social Security and Medicare.
$198.40 + $46.40 = $244.80
Therefore, $244.80 is withheld for FICA tax each month.