Find the annual amount of FICA at a 7.51% rate by computing his annual salary.
Sam Takagi
Weekly salary: $435.16
Not self-employed
Find the annual amount of FICA by computing his annual salary.
$169,938.68 $16,993.87
$1,699.39
2.
Find the annual amount of FICA at a 7.51% rate by computing his annual salary.
Juan Vance
Weekly salary: $231.67
Not self-employed
Find the annual amount of FICA by computing his annual salary.
$9,047.20 $904.72
$90,472
3.
Find the annual amount of FICA at a 7.51% rate by computing his annual salary.
Vivian Delgado
Annual salary: $42,012
Not self-employed
Find the average monthly FICA by computing the average monthly salary.
$262.93 $3155.10
$525.85
4. Jo Dell is a self-employed artist who charges $25 per hour for her services. She averages 17 hours of work per week. How much FICA tax should she pay at a rate of 15.02%?
$63.84 $6,396.25
$103.45
5. Steven works for a real estate developer. In what month of the year will he make his final FICA payment if he has been earning $3,985 per month since the beginning of the year and FICA tax is collected on the first $43,800?
September July
November
6. Gross pay: $573.05
Total deductions: $229.22
What would the Net pay be?
$802.27 $343.83
$229.22
7. Gross pay: $406.96
Total deductions: $142.44
What would the Net pay be?
$549.40 $264.52
$406.96
8. Total deductions: $96.38
Net pay: $179
What would the Gross pay be?
$275.38 $82.62
$179
9. Total deductions: $98.11
Net pay: $218.36
What would the Gross pay be?
$120.25 $338.61
$316.47
1. Sam Takagi's annual FICA amount would be $169,938.68. That's a lot of money! Maybe he can take us all out for dinner.
2. Juan Vance's annual FICA amount would be $9,047.20. That's a decent chunk of change. He can probably afford to treat us to some ice cream.
3. Vivian Delgado's average monthly FICA would be $525.85. That's not too shabby. She can maybe buy us all some coffee.
4. Jo Dell, the self-employed artist, would have to pay $63.84 in FICA tax. That's not too bad considering she's her own boss.
5. Steven will make his final FICA payment in November. That means he'll have the rest of the year FICA-free!
6. The net pay would be $343.83. That's a nice chunk of change. Time to treat ourselves to a nice meal!
7. The net pay would be $264.52. Not too bad. Maybe we can plan a fun weekend getaway with that extra cash.
8. The gross pay would be $275.38. That's a decent amount. Maybe we can treat ourselves to a night out on the town.
9. The gross pay would be $316.47. That's a pretty good paycheck. Maybe we can all chip in for some pizza.
1. To find the annual amount of FICA for Sam Takagi, we need to compute his annual salary. We can do this by multiplying his weekly salary by the number of weeks in a year.
Weekly salary: $435.16
Number of weeks in a year: 52
Annual salary = Weekly salary * Number of weeks
Annual salary = $435.16 * 52
Annual salary = $22,624.32
To find the annual amount of FICA at a 7.51% rate, we can multiply the annual salary by the FICA rate.
Annual FICA = Annual salary * FICA rate
Annual FICA = $22,624.32 * 7.51%
Annual FICA = $1,699.39
Therefore, the annual amount of FICA for Sam Takagi is $1,699.39.
2. To find the annual amount of FICA for Juan Vance, we need to compute his annual salary. We can do this by multiplying his weekly salary by the number of weeks in a year.
Weekly salary: $231.67
Number of weeks in a year: 52
Annual salary = Weekly salary * Number of weeks
Annual salary = $231.67 * 52
Annual salary = $12,043.84
To find the annual amount of FICA at a 7.51% rate, we can multiply the annual salary by the FICA rate.
Annual FICA = Annual salary * FICA rate
Annual FICA = $12,043.84 * 7.51%
Annual FICA = $904.72
Therefore, the annual amount of FICA for Juan Vance is $904.72.
3. To find the average monthly FICA for Vivian Delgado, we need to compute the average monthly salary. Since Vivian's annual salary is already given, we can divide it by 12 to get the average monthly salary.
Annual salary: $42,012
Average monthly salary = Annual salary / 12
Average monthly salary = $42,012 / 12
Average monthly salary = $3,501
To find the average monthly FICA at a 7.51% rate, we can multiply the average monthly salary by the FICA rate.
Average monthly FICA = Average monthly salary * FICA rate
Average monthly FICA = $3,501 * 7.51%
Average monthly FICA = $262.93
Therefore, the average monthly FICA for Vivian Delgado is $262.93.
4. To find the FICA tax that Jo Dell should pay, we need to multiply her average hourly rate by the number of hours worked per week and the FICA rate.
Hourly rate: $25
Number of hours per week: 17
FICA rate: 15.02%
FICA tax = Hourly rate * Number of hours per week * FICA rate
FICA tax = $25 * 17 * 15.02%
FICA tax = $63.84
Therefore, Jo Dell should pay a FICA tax of $63.84.
5. To determine the month in which Steven will make his final FICA payment, we need to calculate how much he has earned until that point and compare it to the threshold for FICA tax collection.
Monthly earnings: $3,985
FICA tax threshold: $43,800
Number of months for final payment = FICA tax threshold / Monthly earnings
Number of months for final payment = $43,800 / $3,985
Number of months for final payment ≈ 11
Therefore, Steven will make his final FICA payment in November.
6. To compute the net pay from the given gross pay and total deductions, we need to subtract the total deductions from the gross pay.
Gross pay: $573.05
Total deductions: $229.22
Net pay = Gross pay - Total deductions
Net pay = $573.05 - $229.22
Net pay = $343.83
Therefore, the net pay would be $343.83.
7. To compute the net pay from the given gross pay and total deductions, we need to subtract the total deductions from the gross pay.
Gross pay: $406.96
Total deductions: $142.44
Net pay = Gross pay - Total deductions
Net pay = $406.96 - $142.44
Net pay = $264.52
Therefore, the net pay would be $264.52.
8. To find the gross pay from the given total deductions and net pay, we need to add the total deductions to the net pay.
Total deductions: $96.38
Net pay: $179
Gross pay = Total deductions + Net pay
Gross pay = $96.38 + $179
Gross pay = $275.38
Therefore, the gross pay would be $275.38.
9. To find the gross pay from the given total deductions and net pay, we need to add the total deductions to the net pay.
Total deductions: $98.11
Net pay: $218.36
Gross pay = Total deductions + Net pay
Gross pay = $98.11 + $218.36
Gross pay = $316.47
Therefore, the gross pay would be $316.47.
1. To find the annual amount of FICA for Sam Takagi, we need to compute his annual salary. Since we know his weekly salary is $435.16, we can multiply this by the number of weeks in a year. There are 52 weeks in a year, so the calculation is as follows:
Annual Salary = Weekly Salary x Number of Weeks in a Year
= $435.16 x 52
= $22,625.12
Now that we have the annual salary, we can find the annual amount of FICA at a 7.51% rate. We can calculate it by multiplying the annual salary by 7.51% (or 0.0751):
Annual FICA = Annual Salary x FICA Rate
= $22,625.12 x 0.0751
≈ $1,699.39
Therefore, the annual amount of FICA for Sam Takagi is approximately $1,699.39.
2. For Juan Vance, we have the weekly salary of $231.67. To find the annual amount of FICA, we need to compute his annual salary. Again, we'll multiply the weekly salary by the number of weeks in a year (52):
Annual Salary = Weekly Salary x Number of Weeks in a Year
= $231.67 x 52
= $12,060.84
Next, we can calculate the annual amount of FICA at a 7.51% rate:
Annual FICA = Annual Salary x FICA Rate
= $12,060.84 x 0.0751
≈ $904.72
So, the annual amount of FICA for Juan Vance is approximately $904.72.
3. Vivian Delgado has an annual salary of $42,012. Since we already have the annual salary, we can go straight to finding the average monthly FICA. To compute the average monthly FICA, we'll divide the annual salary by 12 (months in a year):
Average Monthly Salary = Annual Salary / Number of Months
= $42,012 / 12
= $3,501
Now, to find the average monthly FICA at a 7.51% rate, we'll multiply the average monthly salary by 7.51% (or 0.0751):
Average Monthly FICA = Average Monthly Salary x FICA Rate
= $3,501 x 0.0751
≈ $262.93
Therefore, the average monthly FICA for Vivian Delgado is approximately $262.93.
4. To calculate the FICA tax that Jo Dell should pay, first, we need to find her total earnings per week. She charges $25 per hour and averages 17 hours of work per week:
Weekly Earnings = Hourly Rate x Number of Hours
= $25 x 17
= $425
Now, to calculate the FICA tax, we'll multiply the weekly earnings by the FICA rate of 15.02% (or 0.1502):
FICA Tax = Weekly Earnings x FICA Rate
= $425 x 0.1502
≈ $63.84
Therefore, the FICA tax that Jo Dell should pay is approximately $63.84.
5. We need to find in which month of the year Steven will make his final FICA payment. Since Steven earns $3,985 per month, we can divide the maximum amount on which FICA tax is collected ($43,800) by his monthly salary:
Number of Months = Maximum FICA Amount / Monthly Salary
= $43,800 / $3,985
≈ 11
Since we are starting the count from the beginning of the year, Steven will make his final FICA payment in the 11th month, which is November.
6. To find the net pay, we need to subtract the total deductions from the gross pay:
Net Pay = Gross Pay - Total Deductions
= $573.05 - $229.22
= $343.83
Therefore, the net pay would be $343.83.
7. Similarly, for this scenario:
Net Pay = Gross Pay - Total Deductions
= $406.96 - $142.44
= $264.52
Therefore, the net pay would be $264.52.
8. To find the gross pay, we need to add the total deductions to the net pay:
Gross Pay = Net Pay + Total Deductions
= $179 + $96.38
= $275.38
Therefore, the gross pay would be $275.38.
9. Finally, for this case:
Gross Pay = Net Pay + Total Deductions
= $218.36 + $98.11
= $316.47
Therefore, the gross pay would be $316.47.