ZuoTi.Pro
Question

Question Completion Status: QUESTION 16 All earnings are subject to Medicare tax. True False QUESTION 17
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

TRUE (answer)

Medicare wages are employee earnings that are subject to a U.S. payroll tax known as the Medicare tax. Similar to the other U.S. payroll tax, Social Security, the Medicare tax is used to fund the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disabled.Medicare and Social Security taxes are levied on both employees and employers.

Your employees might wonder, Do I have to pay Medicare tax on all types of income? For the most part, all compensation is subject to Medicare tax. This includes regular wages, tips, commissions, bonuses, overtime, and some fringe benefits

0 0
Add a comment
Know the answer?
Add Answer to:
Question Completion Status: QUESTION 16 All earnings are subject to Medicare tax. True False QUESTION 17
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Question Completion Status: QUESTION 22 Gross wages are $10,000. The SUTA tax rate is 2%, the...

    Question Completion Status: QUESTION 22 Gross wages are $10,000. The SUTA tax rate is 2%, the FUTA tax rate is 8%, the employer's Social Security (OASDI) tax rate is 6.2% and the Medicare (Hi) tax rate is 1.45%. Only $8,000 of wages is subject to Social Security tax and $10,000 subject to Medicare tax. Only $5,000.00 of wages are subject to FUTA tax and $8,000 are subject to SUTA tax. The amount credited to the SUTA Tax and FUTA Tax...

  • Question 16 1 pts Self-funded programs and HMO are basically the same True False Question 17...

    Question 16 1 pts Self-funded programs and HMO are basically the same True False Question 17 1 pts Which of the following factors drives health care cost the most Environment None of the listed Lifestyle Genetics Question 18 1 pts Medicare Part C is called Medicare Advantage (Medicare Managed Care, or Medicare HMO) and covers Part A Part B, and Part D. True False D Question 19 1 pts Kaiser HMO contracts exclusively with Kaiser Permanente Medical Group is called...

  • Question Completion Status: O False QUESTION 18 Which of the following changes will decrease the value...

    Question Completion Status: O False QUESTION 18 Which of the following changes will decrease the value of common stock, other things being held constant? The required return decreases. In general, investors become more risk averse. The dividend growth rate increases. None of the above. QUESTION 19 Taman Inn unnid en dividend in its namman Annhaldam Vam lan tanumhana tha Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Ansi Question Completion...

  • Question Completion Status QUESTION 1 O True ? Fabe QUESTION2 In any normal distribution, the mean,...

    Question Completion Status QUESTION 1 O True ? Fabe QUESTION2 In any normal distribution, the mean, median, and mode ane all at the same position on the honinontal axis O True ? False QUESTION 3 Thme ex. umlavefor every possible par of ? and ? ?True O False Cck Save and Submit to save and ??1re cck Save AllAnswers to sor of omers.

  • True and False QUESTION 16 As a result of Rev. Proc. 2004-34 and the Tax Cuts...

    True and False QUESTION 16 As a result of Rev. Proc. 2004-34 and the Tax Cuts and Jobs Act of 2017, tax and financial accounting for prepaid income are not always in agreement. True False QUESTION 17 Seth, a cash basis taxpayer, collects the rent for December this year and January next year on December 1, this year. Seth must include the December rent in his gross income this year and also the January rent in his gross income this...

  • Question Completion Status: S 5 0 0 E 9100 120 0 15 16 17 18 19...

    Question Completion Status: S 5 0 0 E 9100 120 0 15 16 17 18 19 20 21 22 23 24 25 200 270 200 200 300 310 320 33 34 35 36 30 90 AG QUESTION 15 2.5 points See Beginning and ending balances of Accounts Receivable were 543.000 and 522.000, respectively. If collections from clients during the period were 565.000 how much were services rendered on account? TTTT Paragraph. Anal 3(120 E.E. T. . %DO Q U EST'T,)...

  • Question 9 Medicare insurance is a plan for the needy True False

    Question 9 Medicare insurance is a plan for the needy True False Question 9 Medicare insurance is a plan for the needy True False

  • Q 16 Identify which of the following statements is true. A corporation can be subject to...

    Q 16 Identify which of the following statements is true. A corporation can be subject to both the accumulated earnings tax and the personal holding company tax in the same year. The accumulated earnings tax is applied to a corporation's earnings. If the earnings are not subsequently distributed, the earnings will be taxed again under the accumulated earnings tax the next year. The accumulated earnings tax is not levied on the corporation's total accumulated earnings balance, but only on its...

  • Question Completion Status: QUESTION 9 A liability is incurred when income is earned because income tax...

    Question Completion Status: QUESTION 9 A liability is incurred when income is earned because income tax expense is created by earning income True False QUESTION 10 5 pe West Company declared a $0.50 per share cash dividend. The company has 190,000 shares issued, and 10,000 shares in treasury stock. The journal entry to record the dividend declaration is: Debit Retained Earnings $5,000; credit Common Dividends Payable $5,000. Debit Retained Earnings $90,000; credit Common Dividends Payable $90,000. Debit Common Dividends Payable...

  • X Blackboard + → XCO Question Completion Status: Ending stockholders' equity may be found in the:...

    X Blackboard + → XCO Question Completion Status: Ending stockholders' equity may be found in the: A A. statement of retained earnings . B. balance sheet C. income statement OD. Two of the above E. None of these QUESTION 10 Net income may be found in the: A balance sheet and income statement OB. Income statement and statement of retained earnings C. Income statement and balance sheet D. balance sheet and statement of retained earnings E. None of these. QUESTION...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT