Question
You decide to get a part-time job at a local hardware store. The job pays $11.00 an hour and you will work 20 hours a week. Your employer withholds 10% of your gross pay for federal taxes, 5.65% for FICA taxes, and 2.5% for the state tax How much is withheld for fica taxes
Answers
GPT-4o mini
To calculate how much is withheld for FICA taxes, we first need to determine your gross pay for the week.
1. **Calculate Gross Pay:**
\[
\text{Gross Pay} = \text{Hourly Wage} \times \text{Hours Worked}
\]
\[
\text{Gross Pay} = 11.00 \, \text{dollars/hour} \times 20 \, \text{hours} = 220.00 \, \text{dollars}
\]
2. **Calculate FICA Taxes:**
FICA taxes are withheld at a rate of 5.65%.
\[
\text{FICA Tax Withheld} = \text{Gross Pay} \times \text{FICA Rate}
\]
\[
\text{FICA Tax Withheld} = 220.00 \, \text{dollars} \times 0.0565 = 12.43 \, \text{dollars}
\]
So, the amount withheld for FICA taxes is **$12.43**.
1. **Calculate Gross Pay:**
\[
\text{Gross Pay} = \text{Hourly Wage} \times \text{Hours Worked}
\]
\[
\text{Gross Pay} = 11.00 \, \text{dollars/hour} \times 20 \, \text{hours} = 220.00 \, \text{dollars}
\]
2. **Calculate FICA Taxes:**
FICA taxes are withheld at a rate of 5.65%.
\[
\text{FICA Tax Withheld} = \text{Gross Pay} \times \text{FICA Rate}
\]
\[
\text{FICA Tax Withheld} = 220.00 \, \text{dollars} \times 0.0565 = 12.43 \, \text{dollars}
\]
So, the amount withheld for FICA taxes is **$12.43**.