92
QuizMultiple Choice

Topic Test

Question 92 • Financial Math - MA2007

Determine the total annual FICA tax for an annual salary of $63,250.

Answer
A
$4,838.63
B
$7,538.73
C
$48,386.30
D
$75,387.30

Explanation

FICA combines Social Security tax at 6.2% and Medicare tax at 1.45%, for a total rate of 7.65%. Multiply $63,250 by 0.0765 to get $4,838.625, which rounds to $4,838.63. The correct choice is $4,838.63.

AI-written and checked against the verified answer.

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