For 2024, the FICA tax rate consists of Social Security at 6.2% and Medicare at 1.45%. If an employee earns $75,000 annually, what is the total FICA tax withheld from the employee's pay?
Correct Answer
C) $5,737.50
Total FICA rate = 6.2% + 1.45% = 7.65%. FICA tax = $75,000 × 0.0765 = $5,737.50
Why This Is the Correct Answer
Total FICA rate = 6.2% + 1.45% = 7.65%. FICA tax = $75,000 × 0.0765 = $5,737.50
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