Question

question 19 (4 points) if you are not self - employed and you are paid a salary of $64,950.00, what are your total fica taxes? use the 2024 fica (social security and medicare) tax rates in the table below. 2024 fica tax rates employee pays employer pays social security tax 6.2% 6.2% only on the first $168,600 only on the first $168,600 medicare tax 1.45% 1.45% total 7.65% 7.65% additional medicare tax 0.9% only on earnings over $200,000 for single filers, $250,000 for joint filers, and $125,000 for those married filing separately enter the dollar amount rounded to the nearest cent.

Explanation:

Step1: Calculate Social Security tax

Since the salary of $64,950 is less than the $168,600 cap for Social - Security tax, the Social Security tax is calculated as 6.2% of the salary. So, the Social Security tax amount is $64950\times0.062 = 4026.9$.

Step2: Calculate Medicare tax

The Medicare tax rate is 1.45% for all salaries. So, the Medicare tax amount is $64950\times0.0145=941.775$.

Step3: Calculate total FICA tax

The total FICA tax is the sum of the Social Security tax and the Medicare tax. So, $4026.9 + 941.775=4968.675\approx4968.68$.

Answer:

$4968.68$