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Jazmin earned ​$40,460 this year. Calculate her total FICA contribution for the year. How much did...

Jazmin earned ​$40,460 this year. Calculate her total FICA contribution for the year. How much did her employer pay toward​ FICA? 

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Answer #1

The FICA (Federal Insurance Contributions Act) tax is the contribution to Social Security and Medicare as a percentage of the salary. The combined (employer plus employee) contribution for FICA is segregated as below for tax year 2020:-

Social Security - 12.4% on your first $137,700 of wages

Medicare - 2.9% on all your wages

Total FICA - 15.3% maximum

So, if Jazmin earned $40,460 this year, the total FICA contribution will be as follows:

Social Security - 12.4% of $40,460 = $5,017

Medicare - 2.9% of $40,460 = $1,173

Total FICA Contribution - $5,017 + $ 1,173 = $6,190

Her Employer will pay half of the total FICA contribution, i.e., $3,095.

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