If you earn a salary of $50,000,what will your total FICA taxes be?

Question

Quizplus · Accepted Answer

FICA taxes consist of Social Security taxes and Medicare taxes. Social Security tax is 6.2% of the first $142,800 earned in 2021, while Medicare tax is 1.45% of all earnings. Therefore, the total FICA tax on a salary of $50,000 would be:

Social Security tax = 6.2% x $50,000 = $3,100
Medicare tax = 1.45% x $50,000 = $725

Total FICA tax = $3,100 + $725 = $3,825

However, it's worth noting that Social Security tax only applies to the first $142,800 earned in 2021. If the person's salary exceeds that amount, the total FICA tax would be different.

If You Earn a Salary of $50,000,what Will Your Total