Florida General Contractor Practice Exam

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

  1. 10.15%

  2. 7.65%

  3. 15%

  4. 12.5%

The correct answer is: 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.

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