Given is :
Weekly earnings of Mia = $325
FICA percentage is 6.25%. FICA comprises of the Social Security tax and Medicare tax that has rates of- 6.2% and 1.45% respectively. As there are exemptions included, and given is only FICA deductions so we will calculate the FICA deductions.
[tex]\frac{6.25}{100}\times325[/tex]
= $20.31
Hence, option B is the answer.
Answer:
FICA is withholding $20.31 of Mia's weekly paycheck.
Step-by-step explanation:
Great question, it is always good to ask away and get rid of any doubts that you may be having.
The Federal Insurance Contributions Act (FICA) is a tax that funds an employees Medicare and Social Security. Thanks to the information in the question we know that they take 6.25% of Mia's weekly paycheck. To calculate how much this amount actually is we need to first convert the percent into a decimal. We do this by moving the decimal 2 digits to the left like so,
6.25% ⇔ 0.0625
Now that we have the percent in decimal form we can multiply it by Mia's weekly paycheck in order to calculate the amount that FICA is withholding monthly.
[tex]325 * 0.0625 = 20.31[/tex]
Finally, we can see that FICA is withholding $20.31 of Mia's weekly paycheck.
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