Florida General Contractor Practice Exam

Question: 1 / 400

What is the combined total percentage for Social Security and FICA contributions?

10.15%

7.65%

The combined total percentage for Social Security and FICA contributions is accurately represented by 7.65%. This percentage encompasses two parts: the Social Security tax, which is 6.2% on earnings up to a specified limit, and the Medicare tax, which is 1.45% on all earnings. When added together, these two percentages give a total of 7.65%. This rate is applicable to employees; employers also match this contribution, effectively doubling the amount paid into the system for a combined rate of 15.3% when considering both employee and employer contributions. Understanding the breakdown of these contributions is crucial for individuals working in construction, as it impacts payroll calculations and financial planning.

Get further explanation with Examzify DeepDiveBeta

15%

12.5%

Next Question

Report this question

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy