Felicia is a manager at the All You Can Eat Buffet. She earns $38,550 annually. If she pays 6.2% of her annual income toward Social Security and 1.45% of her income toward Medicare, how much will she pay in FICA tax in one year?
First add the two tax percents together: 6.2+1.45=7.65. Divide that by 100: 7.65/100=.0765. Multiply that by her income: .0765x38,550=2949.075. Round to the nearest hundredth: 2,949.08. She'll pay $2,949.08 in FICA each year :)
