FICA, a tax that every employer must pay has two parts. What are they? List them

Q: Employers pay both social security and unemplolyment taxes. O True False

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Identify two different types of deductions that an employer is required to subtract from a

A: There are several deductions from paycheck but two are absolutely necessary other are optional.

Q: Which of the following is paid by both the employer and the employee? Group of answer choices Social…

A: Payroll tax: Payroll taxes refer to the taxes which are equally contributed by employees and…

Q: Question 5 Which of the following would be deducted in determining an employee's net pay? O FUTA…

A: Some taxes are deducted by employer from employee salary and paid to the government and net salary…

Q: can you help me how to Explain how an employer can receive a credit against the FUTA tax due.

A: FUTA stands for Federal Unemployment Tax Act under federal law of US. FUTA tax is paid by the…

Q: pioye ecunty Answer: A. O is greater than the employee's Social Security ta 3. O is the same as the…

A: The federal unemployment tax act (FUTA) with state unemployment systems providers for payments of…

Q: Explain how a Bonus arrangement can be used to defer the taxes paid by an employer?

A: Deferral of tax refers to the postponing the tax payment to the next period. In other words, when…

Q: Contributions of the employer for the benefit for the benefit of the employee to retirement,…

A: Income tax:    It is the amount a person is liable to pay on the earned amount in an accounting…

Q: Which of the following taxes is paid by the employee only? Choose the best answer. Group of answer…

A: Tax is compulsory payment made by the assessee to the government .

Q: Which payroll tax is imposed on both the employee and the employer? a. federal income tax b.…

A: Payroll taxes are levied on salaries and self-employment income by the federal government, and the…

Q: A minimum wage earner who is also earning a self-employment income is exempt from income tax on the…

A: A minimum wage earner who is also earning a self-employment income, will not be exempt from income…

Q: Which of the following statements is correct regarding self-employment tax? W-2 income earned…

A: W-2 is a salary and wages form. In addition to that, W-2 also reports federal taxes and other taxes…

Q: All of the following are employer payroll taxes except. Multiple Choice Social Security tax equal to…

A: Payroll  taxes are those taxes that are deducted  from salary  of employees  unordered to pay social…

Q: How is the unearned income of children treated for tax purposes?  Can parents include the children’s…

A: Unearned income includes investment-type income such as taxable interest, ordinary dividends, and…

Q: Which of the following taxes has a ceiling and is only paid by the employer? Group of answer choices…

A: Income taxes is the amount that is charged by the government on the income earned by an individual…

Q: proper plan

A: The obligation for collecting and remitting withholding taxes to the Internal Revenue Service lies…

Q: The more dependents that are claimed, the less tax is withheld from an employee's paycheck.

A: Dependent represents the person who is dependent on the taxable person. The taxable person needs to…

Q: Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes…

A: Net pay: It can be defined as the amount that is taken by an employee to its home in the form of…

Q: A tax structured so that people with the different incomes pay the same percentage of their income…

A: A tax structured so that people with the different incomes pay the same percentage of their income…

Q: It is very important to understand the nature of benefits paid by an employer to its employee in…

A: Benefits and perks are given to employers from their employees which could be included in…

Q: Which of the following is not an employer payroll tax?

A: Federal income tax is the liability of the employee to pay tax on the income and is deductible from…

Q: Identify and describe the followings that are exempted from taxation. a. Some persons based on…

A: Income tax- Income tax refers to the tax that is levied on the earnings/ income of a person or…

Q: Why is it critical for employers to properly arrange their employees' taxes

A: Introduction :  Withholding taxes are collected and sent to the Internal Revenue Service (IRS) by…

Q: substituted Filing of Tax Return is applicable

A: First option is wrong because the substituted filing of tax return is available to the employee who…

Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…

A: Answer:   False.

Q: A taxpayer may pay percentage tax, and VAT at the same time O True O False

A: Value Added Tax is a tax that is levied on the services and goods and paid to the government by the…

Q: wage and payroll tax expenses are somewhat unique because?

A: An employer's federal payroll tax responsibilities include withholding from an employee's…

Q: Discuss the definition of a trade or business. Why does it matter whether a taxpayer is classified…

A: Business is the operation carried by sole owner or partners that include trade and commerce and they…

Q: Please explain the tax implications of compensation in the form of salary and wages from the…

A: SOLUTION COMPENSATION IN THE FORM OF SALARY AND WAGES : COMPENSATION REFER TO THE CASH PRIZES THAT…

Q: Payroll tax expense related to this employee will be:

A: Income tax refers to the amount paid by an individual or company to the government for financing the…

Q: true or false In most situations, the total Social Security taxes levied on employers will exceed…

A: The Social Security tax rate for both employees and employers is 6.2% of employee compensation (for…

Q: It is very important to understand the nature of benefits paid by an employer to its employee in…

A: Benefits provided by employers: when an employee works for a company, then every employer has to…

Q: Which of the following is subject to income tax? A. De minimis benefits B. Income tax paid by the…

A: SOLUTION EXPLANATION- AS DEFINED BY U.S , INTERNAL REVENUE SERVICE "CONVENIENCE OF EMPLOYER…

Q: Which of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding…

A: SUTA: State Unemployment Tax Rate  FUTA: Federal Unemployment Tax Rate  FICA: Federal Insurance…

Q: The amount of federal income tax to be withheld from employee's paychecks can be calculated by

A: Federal income tax: It is a tax levied by the IRS on the annual income of the taxpayers such as…

Q: f an employee does not complete a Form W-4, the employer must withhold tax as if the employee were…

A: A form that is filed by an employee in order to show their tax situation to their employee is known…

Q: Which of the following is not deducted from an employee’s salary? a. FICA taxes.b. Unemployment…

A: Payroll tax The costs incurred by an employer to pay the employee for his labor, including other…

Q: How is the Self-Employment (SE) tax calculated?  What types of income are subject to the SE tax

A: Self-employment tax is a combination of Social Security and Medicare taxes The self-employment tax…

Q: Explain the tax treatment of provision of accommodation or housing benefit to an employee

A: Income Tax treatment of provision of accommodation or housing benefit to an employee : Employers…

Q: Employees are subject to FUTA taxes, which are not deducted from their pay. A. True B, False

A: This question deals with Employees are subject to FUTA taxes,

Q: FUTA taxes impose on employees and therefore are not deducted from employee wages.   A.  True B,…

A: Given statement is false.

Q: Question 2 The more dependents that are claimed, the less tax is withheld from an employee's…

A: A dependent is an individual who relies on another individual for financial support. Dependents can…

Q: Which of the following is not an employer payroll tax? Multiple Choice Social Security tax equal to…

A: The following are categorized under employer payroll tax, Federal unemployment tax State…

Q: True or False: You are employed. The Income tax on your salary is required to be paid at the Mayor’s…

A: False ÷ income tax on salary income are not required to be paid to Mayor's office.

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.