The Federal Insurance Contributions Act (FICA) created the Social Security tax to fund the old-age, survivors, and disability insurance portion of the Social Security system and the hospital insurance portion (Medicare). True False

Q: Which of the following statements is not correct about Medicaid? Multiple Choice The Social Security…

A: Medicaid is a government-run health-care programme in the United States for low-income people.…

Q: Medicaid is provided to certain individuals and families with low income or resources. Which of the…

A: Medicaid is a joint federal and state program in the United States that provides health coverage to…

Q: One limitation, on the deduction for self-employed insurance, is that taxpayers cannot deduct the…

A: Self-employed individuals may be able to deduct their health insurance premiums as an above-the-line…

Q: The Employee Retirement Income Security Act (ERISA) requires that companies fund defined-benefit…

A: The post-retirement benefits will be benefits, other than annuity disseminations, paid to…

Q: Social security payable and medicare tax payable are classified as

A: Introduction: Balance sheet: All assets and liabilities are recorded in Balance sheet. Balance sheet…

Q: Registered charities and non-profit organizations are taxed on their profit or income.

A: Government organisations and charities come under the not for profit organisation.

Q: None

A: Approach to solving the question: Analyze the question. Detailed explanation:To identify the false…

Q: Why didn’t the FASB cover both types of postretirementbenefits—pensions and healthcare—in the…

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: Why did the FASB's prior pension accounting guidelines not encompass both pensions and healthcare as…

A: This question tells about  the FASB's prior pension accounting guidelines not encompass both…

Q: Which of the following would not be reported on a plan's statement of fiduciary net position? A.)…

A: Lets understand the basics. Statement of fiducary net position is similar like a statement of…

Q: What is the GASB standard for reporting expenditures from governmental funds for employee pension…

A: GASB stands for Government Accounting Standards Board, which is a non-governmental body that holds…

Q: Life insurance premiums shall be reported as a deductible expense for financial reporting purposes…

A: The outlay which is an ordinary outlay and helps in the normal revenue generation of the business is…

Q: A major difference between defined benefit pension plans and defined contribution pension plans is…

A: Pension plan is a plan under which either the employer or the employee contributes small amount of…

Q: What benefits accrue to companies who elect to use pension funds? How does the use of a pension fund…

A: A Pension plan is a type of retirement plan that requires an employer to contribute to a pool of…

Q: Define each of the given and describe the different EXCLUSIONS FROM GROSS INCOME: Proceeds of life…

A: Gross Income Gross Income is referred to as the total income earned by an individual which is before…

Q: What are the essential differences between social insurance and public assistance programs? Why is…

A: Social insurance program: It is a government sponsored program. They are generally funded through…

Q: should social security funded more by raising or eliminating the limit of income taxed. What's…

A: The Social Security Funding Debate: Raising or Eliminating the Tax Cap?The question of how to best…

Q: Which of the following is not a regulatory responsibility of the Pension Benefit Guaranty…

A: In order to ensure the payment of pension benefits accrued by employees and retirees in the private…

Q: "What is the effect of state laws forcing individuals to purchase auto liability insurance?"

A: Liability insurance protects against bodily harm and/or property damage claims. If the insured party…

Q: Which of the following is an adjustment that will generally result in lower tax liability for an…

A: A tax is a charge which is levied by the government on the taxable income of a taxpayer. A tax…

Q: 37. The relationship between the amount funded and the amount reported for pension expense is as…

A: The relationship between the amount funded and the amount reported for pension expense is as follows

Q: us-r

A: A distribution is coronavirus-related if it fits all three of the following criteria:• It can be…

Q: Which of the following accounts has special tax advantages under certain conditions when used to…

A: Qualified education expenses refer to the amount paid towards the tuition, fees, and other related…

Q: Amounts that come from accounts of unvested employees that can be directed/contributed to the…

A: Unvested stocks are those stocks that are set aside for the employees which has not been vested due…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation?  Taxation is a not a word it means when an authority i.e respective government ,…

Q: In general, how can an employer choose an appropriate discount rate for its pension plan? What…

A: Step 1: The Discount rate to be selected must be in consideration with the ability of the company to…

Q: A pension plan is underfunded when the employer’s obligation (PBO) exceeds the resources available…

A: Projected benefit obligation (PBO): This is the estimated present value of future retirement…

Q: Payments by employers of premiums on life insurance for employees are not taxable benefits. Select…

A: Tax deductible Expenses: Expenses that are deductible for tax purposes include those deemed…

Q: If a person is not eligible for the health insurance premium tax credit because of

A: Tax is the charge which is charged on the taxable income of a taxpayer and each taxpayer wants to…

Q: The following are exclusions from gross income, except    Proceeds of life insurance policies.…

A: The income earned by an individual before any deductions and allowances is considered Gross Income.

Q: Do income exclusions provide taxpayers “tangible” benefits Is the IRS appearing to be socially…

A: Net Income The net earnings a corporation receives from its business operations are known as net…

Q: Explain and what is the calculation of the following. Tax rates (formula) HELP repayment amount…

A:

Q: The base amount subject to the Social Security portion of FICA is different from that for the…

A: Introduction: FICA: FICA stands for Federal Insurance contributions Act. Its a payroll tax item…

Q: Which is an example of a fiduciary fund? Group of answer choices a.) a pension fund, where…

A: Fiduciary fund : A fiduciary fund is a fund which is used in accounting of governments where  1. To…

Q: Accounting for postretirement health care benefits is similar, in most respects, to accounting o O…

A: Pension Plan -One kind of retirement plan is a pension plan, in which businesses agree to provide…

Q: uestion 39: Which of these is a voluntary deduction? Answer:   A.    Social security tax     B.…

A: Voluntary deductions are deduction takes by the taxpayer voluntarily, by their own choice. Some…

Q: Q1:  What is an HSA?  What 4 types are mentioned in this chapter and how do they work?  What type…

A: Because you have posted multiple question, we will only answer the first question. For the remaining…

Q: Qualified pension plans offer important tax benefits. What is the special tax treatment and what…

A: Definition:   Pension plan: It refers to a plan that is formulated to provide earnings to the…

Q: panies fund defined-benefit plans, but no such requirement exists for other pos

A: The Employee Retirement Income Security Act of 1974 (ERISA) may be a federal law that sets minimum…

Q: What is a private pension plan? How does a contributorypension plan differ from a noncontributory…

A: Pension: A fixed sum of money, receivable in future or after the age of retirement, which the…

Q: Public pension funds are those funds administered by

A: Public pension funds are the funds for accumulating savings for the retirement of government…

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: accounting for employee Pension Trust Funds

A: Introduction Accounting Pension Trust Funds: The computation of yearly pension expenditure and the…