What if The social security tax is 6.2 and the Medicare tax is 1.45 of your annual income. How much would you pay per year to FICA if your annual earnings were 47000?

To calculate the FICA taxes on an annual income of $47,000, you would apply the Social Security tax of 6.2% and the Medicare tax of 1.45%. For Social Security, you'd pay 0.062 × $47,000 = $2,914. For Medicare, you'd pay 0.0145 × $47,000 = $681.50. Therefore, the total FICA tax you would pay per year is $2,914 + $681.50 = $3,595.50.