what is the employers yearly contribution to the u.s. social security tax on a salary of $40,000?\nfica…

what is the employers yearly contribution to the u.s. social security tax on a salary of $40,000?\nfica taxes\n| | social security | medicare |\n|--|--|--| \n| total due: | 12.40% | 2.90% |\n| employers responsibility | 6.20% | 1.45% |\n| employees responsibility | 6.20% | 1.45% |\n$?

what is the employers yearly contribution to the u.s. social security tax on a salary of $40,000?\nfica taxes\n| | social security | medicare |\n|--|--|--| \n| total due: | 12.40% | 2.90% |\n| employers responsibility | 6.20% | 1.45% |\n| employees responsibility | 6.20% | 1.45% |\n$?

Answer

Explanation:

Step1: Identify the employer - Social Security tax rate

The employer's Social Security tax rate is 6.20% or 0.062 in decimal form.

Step2: Calculate the employer's contribution

Multiply the salary by the tax rate. The salary is $40,000. So the contribution is $40000\times0.062$. $40000\times0.062 = 2480$

Answer:

$2480$