Question 20: Which statement about Social Security tax is accurate?Answer:A.O During the pay period in which total annual earnings exceed the Social Security tax wage base, all earnings are subject to Social Security tax.В.The threshold over which Social Security tax is no longer levied depends on the employee's tax return filing status.C.The Social Security tax wage base has not changed over the last decade.D.The Social Security tax rate has not changed over the last decade.

Social security tax is mandatory or necessary payroll tax which is must for both employees and…

Question 20: Which statement about Social Security tax is accurate? Answer: А. O During the pay period in which total annual earnings exceed the Social Security tax wage base, all earnings are subject to Social Security tax. В. O The threshold over which Social Security tax is no longer levied depends on the employee's tax return filing status. C. The Social Security tax wage base has not changed over the last decade. D. The Social Security tax rate has not changed over the last decade.

Question 20: Which statement about Social Security tax is accurate? Answer: А. O During the pay period in which total annual earnings exceed the Social Security tax wage base, all earnings are subject to Social Security tax. В. O The threshold over which Social Security tax is no longer levied depends on the employee's tax return filing status. C. The Social Security tax wage base has not changed over the last decade. D. The Social Security tax rate has not changed over the last decade.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 20Q: Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400...

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How are Social Security retirement benefits taxed? Question 7 options: Social Security benefits are not subject to income tax. They were already taxed Based on the individual or couple’s MAGI and half of their Social Security benefits. Up to 100% of Social Security benefits can be subject to tax. Up to 50% of Social Security benefits can be subject to tax.
Which of the following statements about the FICA tax is not true? a. The income amount subject to the Social Security portion of FICA tax has increased significantly over the years. b. No FICA taxes are required to be paid by employees or employers in 2020 due to COVID c. The FICA tax is composed of two parts, Social Security and Medicare. xd. Self-employed individuals pay self-employment taxes. Oe. Wages subject to FICA tax that are received by a self-employed individual reduce the individual's maximum Social Security tax base.
Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. В. O All taxes are calculated based on net pay. С. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. O Connecticut A. O cafeteria В. O Ohio В. O insurance C. O Virginia O mandatory С. D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this…
Question 11: Which statement regarding the calculation of taxes is accurate? Answer: A. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. B. O All taxes are calculated based on net pay. C. O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. D. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. Question 12: Which of these is a credit reduction state/territory? Question 15: Union dues are considered a deduction. Answer: Answer: A. A. O Connecticut O cafeteria B. O Ohio B. O insurance C. O Virginia C. O mandatory D. O U.S. Virgin Islands D. O voluntary Question 14: Alejandra owns and operates an appliance store where employees clock in and out for each shift. Per the FLSA, Alejandra rounds employee time worked to the nearest 15-minute increment. On Tuesday this…
Question 2: Which of the following is an accurate statement about SUTA tax? Answer: A. O Every state designates a taxable earnings threshold below which SUTA tax is not levied. O SUTA tax paid by an employer is typically less than FUTA tax paid for the same period. В. C. SUTA tax rates differ from one employer to another but do not change from year to year. D. The SUTA tax rate is based on the number of layoffs that an employer has experienced.
Social Security taxes are regressive because Question 13 options:they apply only to rich people.they are applied to retired people only.they are not applied to income beyond a certain amount.they are applied to welfare recipients.Save
Question 21: The income threshold for Additional Medicare Tax levied is based on the Answer: A. age of the employee В. O amount in the employee's Social Security account С. Social Security income threshold D. O employee's tax return filing status
Question 5: Which of the following employee taxes is matched by the employer? Answer: А. State unemployment tax Federal income tax C. Medicare tax D. Federal unemployment tax B.
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Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. False
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Question 11: Which statement about calculating taxable earnings for Social Security tax is accurate? Answer: A. 401(k) contributions are taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. В. O 401(k) contributions are taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax. С. O 401(k) contributions are not taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. D. O 401(k) contributions are not taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax.