Q:

Quinton had a gross income of $2741.67 during each pay period in 2009. If he got paid monthly, how much of his pay was deducted for FICA in 2009?

Accepted Solution

A:
Answer:$2,516.85Step-by-step explanation:Quinton had a monthly gross income of $2741.67.He was paid yearly = $2741.67 × 12 = $32,900.04FICA tax  is social security tax (6.2%) and medicare tax (1.45%)FICA tax rate = 6.2% + 1.45% = 7.65%FICA tax deduction = 7.65% × 32,900.04                                  = 0.0765 × 32,900.04                                  = $2,516.85His pay was deducted for FICA $2,516.85