객관식
Which of the following are included in an employer's payroll tax expense?
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9. Current Liabilities
Payroll and Payroll Taxes
객관식
What is the total annual FICA tax withheld from an employee earning an annual salary of \$38,480, if the FICA tax rate is 7.65%?
A
\$2,850.72
B
\$2,965.72
C
\$2,942.22
D
\$2,940.00
검증된 단계별 안내1
Step 1: Understand the components of FICA tax. FICA tax includes Social Security tax and Medicare tax, which together make up the total FICA tax rate of 7.65%.
Step 2: Identify the annual salary of the employee, which is \$38,480, and the FICA tax rate, which is 7.65%.
Step 3: Convert the FICA tax rate from a percentage to a decimal for calculation purposes. Divide 7.65 by 100 to get 0.0765.
Step 4: Multiply the annual salary (\$38,480) by the decimal form of the FICA tax rate (0.0765) to calculate the total annual FICA tax withheld. Use the formula: \( \text{FICA Tax} = \text{Annual Salary} \times \text{FICA Tax Rate} \).
Step 5: Ensure the result is rounded to two decimal places, as financial calculations typically require rounding to the nearest cent.
