Question

Find the annual amount of FICA at a 7.51% rate by computing his annual salary.

Juan Vance
Weekly salary: $231.67
Not self-employed
Find the annual amount of FICA by computing his annual salary.

Answer 1

annual salary = $231.67*52 =12046.84
7.51% of $12046.84 = $904.72
That seems too easy so I think maybe something is missing from the problem

Answer 2

Assuming that Juan works 40 hour work weeks with no overtime and get paid approximately $5.79 hourly the following would apply.

Social Security: $ 1,253
Medicare: 349

Total: $ 1,602
Employee's Half: $ 681

NOTE: This calculation is based on the 2011 Social Security and Medicare Contributions:

Employee's Contribution:
Social Security: 4.2% on your first $106,800 of wages
Medicare: 1.45% on all your wages

Total FICA: 5.65% maximium


Employer's Conttribution:
Social Security: 6.2% on your first $106,800 of wages
Medicare: 1.45% on all your wages

Total FICA: 7.65% maximium