determine the total annual fica tax for an annual salary of $38,480. (fica is 7.65%)\na. $294.37\nb…

determine the total annual fica tax for an annual salary of $38,480. (fica is 7.65%)\na. $294.37\nb. $717.96\nc. $2,385.76\nd. $2,943.72\nplease select the best answer from the choices provided\no a\no b\no c\no d

determine the total annual fica tax for an annual salary of $38,480. (fica is 7.65%)\na. $294.37\nb. $717.96\nc. $2,385.76\nd. $2,943.72\nplease select the best answer from the choices provided\no a\no b\no c\no d

Answer

Explanation:

Step1: Convert percentage to decimal

$7.65% = 0.0765$

Step2: Calculate FICA tax

$38480\times0.0765 = 2943.72$

Answer:

D. $$2,943.72$