Homework Answers
Answer:- (A) FICA TAX
FICA tax was passed in 1935.FICA taxes are the primary funding source for Social Security benefits.FICA taxes are funneled into the Medicare program.The Federal Insurance Contributions Act (FICA) is a U.S. law that mandates a payroll tax on the paychecks of employees, as well as contributions from employers, to fund the Social Security and Medicare programs. For self-employed persons, there is an equivalent law called the Self-Employed Contributions Act.
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Which of the following taxes are employers required to withhold from employees? FICA tax Federal unemployment...
5. The federal unemployment tax is levied on a. employees and employers. b. employers and is...
5. The federal unemployment tax is levied on a. employees and employers. b. employers and is deducted from employees' earnings. c. employees and is deducted from customer payments. d. employers and is not deducted from employees' earnings. 6. A self-employment tax is required of an individual who owns his or her own business and makes a. $400 or more. b. $1 or more. c. $1,000 or more. d. $200 or more. 7. Which of the following tax programs often has...
Which of the following are withheld from an employee's salary? 1. FICA taxes. II. Federal and...
Which of the following are withheld from an employee's salary? 1. FICA taxes. II. Federal and state unemployment taxes. III. Federal and state income taxes. IV. Employee portion of health insurance. Multiple Choice I, II, and IV I, III, and IV I and IV il and in Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and...
PLEASE TYPE OUT THE ANSWER THANK YOU Employers will receive a credit against the Federal Unemployment...
PLEASE TYPE OUT THE ANSWER THANK YOU Employers will receive a credit against the Federal Unemployment Tax (FUTA) obligation for a portion of any payments made toward the State Unemployment Tax (SUTA) fund. Based on the following data, compute the amount of credit the company will receive against their total FUTA tax, to determine the amount due at the time of filing: ABC Company has annual wages to employees totaling $151,000 for. The portion of those wages exceeding the $7,000...
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imp...
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a
United States federal law that imposes a federal employer tax used
to help fund state workforce agencies. Employers report this tax by
filing an annual Form 940 with the Internal Revenue Service.
Complete the following steps:
Net FUTA tax: Since this is the first pay period of the year,
none of the employees are near the $7,000 ceiling; therefore, each
employee’s gross earnings is subject to the FUTA...
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law...
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a
United States federal law that imposes a federal employer tax used
to help fund state workforce agencies. Employers report this tax by
filing an annual Form 940 with the Internal Revenue Service.
Complete the following steps:
Net FUTA tax: Since this is the first pay period of the year,
none of the employees are near the $7,000 ceiling; therefore, each
employee’s gross earnings is subject to the FUTA...
Hardware Company's payroll for N 2017 is summarized below. Unemployment Tax FICA State $40,600 4,200 $40,600...
Hardware Company's payroll for N 2017 is summarized below. Unemployment Tax FICA State $40,600 4,200 $40,600 $128,300 $128,300 34,500 34,500 37,100 37,100 Sales 4,200 Total $19,90190,8004,00 $44,800 44,800 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. FICA rate is 7.65% on an employee's wages to $118,500 and 1.45% in excess of $118,500. Of the $199,90 vages subject to FICA...
Question 10 2 pts State and federal unemployment taxes are imposed on both employers and employees....
Question 10 2 pts State and federal unemployment taxes are imposed on both employers and employees. O True False Question 15 2 pts Which of these is not included in an employer's payroll tax expense? OF.I.C.A. (social security) taxes O Federal income taxes Federal unemployment taxes State unemployment taxes Question 2 2 pts Which of the following is not one of the requirements for accruing the cost of compensated absences? Payment of the compensation is probable. The obligation relates to...
Wildhorse Hardware payroll for November 2020 is summarized below. Amount Subject to Payroll Taxes Unemployment Tax...
Wildhorse Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
The portion of the Federal Insurance Contributions Act (FICA) tax paid by employers is 7.65 percent...
The portion of the Federal
Insurance Contributions Act (FICA) tax paid by employers is 7.65
percent and the portion paid by employees is 7.65 percent (for a
total of 15.3 percent). Suppose that absent FICA taxes, workers
receive a competitive equilibrium wage of $10.00 per hour and that
with FICA taxes divided equally between employers and employees,
the market wage is $9.459.45 per hour. What is the incidence of
the FICA tax? For simplicity, assume employers pay $0.765 in
FICA...
Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $122,200 $122,200...
Amount Subject to Payroll Taxes Unemployment Tax Payroll Wages Due FICA Federal State Factory $122,200 $122,200 $36,200 $36,200 Sales 33,500 33,500 3,900 3,900 Administrative 35,500 35,500 xxxx xxxx Total $191,200 $191,200 $40,100 $40,100 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. The FICA rate is 7.65% on an employee’s wages to $118,500 and 1.45% in excess of $118,500. Of...
Which of the following are withheld from an employee's salary? 1. FICA taxes. II. Federal and state unemployment taxes. III. Federal and state income taxes. IV. Employee portion of health insurance. Multiple Choice I, II, and IV I, III, and IV I and IV il and in Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and...
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a
United States federal law that imposes a federal employer tax used
to help fund state workforce agencies. Employers report this tax by
filing an annual Form 940 with the Internal Revenue Service.
Complete the following steps:
Net FUTA tax: Since this is the first pay period of the year,
none of the employees are near the $7,000 ceiling; therefore, each
employee’s gross earnings is subject to the FUTA...
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a
United States federal law that imposes a federal employer tax used
to help fund state workforce agencies. Employers report this tax by
filing an annual Form 940 with the Internal Revenue Service.
Complete the following steps:
Net FUTA tax: Since this is the first pay period of the year,
none of the employees are near the $7,000 ceiling; therefore, each
employee’s gross earnings is subject to the FUTA...
Hardware Company's payroll for N 2017 is summarized below. Unemployment Tax FICA State $40,600 4,200 $40,600 $128,300 $128,300 34,500 34,500 37,100 37,100 Sales 4,200 Total $19,90190,8004,00 $44,800 44,800 At this point in the year, some employees have already received wages in excess of those to which payroll taxes apply. Assume that the state unemployment tax is 2.5%. FICA rate is 7.65% on an employee's wages to $118,500 and 1.45% in excess of $118,500. Of the $199,90 vages subject to FICA...
Question 10 2 pts State and federal unemployment taxes are imposed on both employers and employees. O True False Question 15 2 pts Which of these is not included in an employer's payroll tax expense? OF.I.C.A. (social security) taxes O Federal income taxes Federal unemployment taxes State unemployment taxes Question 2 2 pts Which of the following is not one of the requirements for accruing the cost of compensated absences? Payment of the compensation is probable. The obligation relates to...
Wildhorse Hardware payroll for November 2020 is summarized
below.
Amount Subject to Payroll Taxes
Unemployment Tax
Payroll
Wages Due
FICA
Federal
State
Factory
$121,300
$121,300
$36,400
$36,400
Sales
34,200
34,200
3,800
3,800
Administrative
32,700
32,700
Total
$188,200
$188,200
$40,200
$40,200
At this point in the year, some employees have already received
wages in excess of those to which payroll taxes apply. Assume that
the state unemployment tax is 2.5%. The FICA rate is 7.65% on an
employee’s wages to $128,400...
The portion of the Federal
Insurance Contributions Act (FICA) tax paid by employers is 7.65
percent and the portion paid by employees is 7.65 percent (for a
total of 15.3 percent). Suppose that absent FICA taxes, workers
receive a competitive equilibrium wage of $10.00 per hour and that
with FICA taxes divided equally between employers and employees,
the market wage is $9.459.45 per hour. What is the incidence of
the FICA tax? For simplicity, assume employers pay $0.765 in
FICA...
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