Question

find the social security tax and the medicare tax paid by jeff jacard for the current pay period. assume all jeffs earnings are subject to both taxes and that the fica rate is 6.2% and the medicare rate is 1.45%.
employee | earnings current pay period | fica @ 6.2% | medicare @ 1.45%
jacard, j. | $535.04 | |

what is the fica tax deducted from jeffs current gross earnings?
$ (round to the nearest cent.)

Explanation:

Step1: Identify the earnings and rate

Earnings = $535.04, FICA rate = 6.2% = 0.062

Step2: Calculate FICA tax

FICA tax = Earnings × FICA rate = $535.04 × 0.062
$535.04\times0.062 = 33.17248$

Step3: Round to nearest cent

Round 33.17248 to nearest cent (two decimal places), which is 33.17

Answer:

$33.17$