Which of the following are covered by FICA (indicate Yes or No)? ___1. Andrian Mitchell, a full-time life insurance salesperson. _2. John Sain, a federal government employee, hired in 1990. _3. Bonnie Stone, a real estate agent. ___4. Stuart Schuck, who offers lawn care service to homeowners in the neighborhood.

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 3, Problem 1SSQ

Which of the following are covered by FICA (indicate Yes or No)?

_____1. Andrian Mitchell, a full-time life insurance salesperson.
_____2. John Sain, a federal government employee, hired in 1990.
_____3. Bonnie Stone, a real estate agent.
_____4. Stuart Schuck, who offers lawn care service to homeowners in the neighborhood.

Expert Solution & Answer

To determine

Identify whether the given persons are covered by FICA.

Explanation of Solution

FICA tax refers to the Federal Insurance Contribution Act tax, which is Country U.S law that creates the payroll tax requiring deductions.

FICA imposes two taxes on the employer and the employee. In this, one tax would finances the federal old age, survivors and disability insurance programs which would be called as the OASDI. The other tax would finance the hospital insurance (HI) or the Medicare program.

1. Yes, Person AM is covered by FICA. Person AM is a full-time life insurance sales person. The full-time life insurance sales persons are covered as the statutory employees for the purposes of social security tax, Medicare tax and FUTA tax.
2. Yes, Person JS is covered by FICA. The Federal government employees hired after the year 1983 are subject to full FICA coverage.
3. No, Person BS is not covered by FICA. The real estate agents are considered as the independent contractors.
4. No, Person SS is not covered by FICA. Person SS offers lawn services to general public and that is considered as the independent contractors.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

45. Sandra and Bill, both 78, are Texas residents. Sandra participates in the state's Long- Term Care Partnership program; Bill, her neighbor, does not. Both are found eligible for Medicaid payment of their LTC services. Which of the following can Sandra do that Bill cannot? (Search Chapter 11) a. transfer designated resources to another individual without penalty ob. avoid having any of her monthly income applied to the cost of her LTC services OC. avoid Medicaid eligibility redetermination and reverification after initial eligibility od. designate her home as a protected countable asset

Marie Lincoln is a head of household. She is 37 years old and her address is 4110 N.E. 13th Street, Miami, FL 33127. Additional information about Ms. Lincoln is as follows: Social security number: 412-34-5670 Date of birth: 1/14/1983 W-2 for Marie shows these amounts: Wages (box 1) Federal W/H (box 2) Social security wages (box 3) Social security W/H (box 4) Medicare wages (box 5) Medicare W/H (box 6) Form 1099-INT for Marie shows this amount: Box 1-$500.00 from A & D Bank, $ 43,600.00 $2,488.00 S 43.600.00 $2,703.20 $ 43,600.00 $ 632.20 Dependent: Son Steven is 10 years old. His date of birth is 5/11/2010. His social security number is 412-34-5672. Marie is an administrative assistant. Required: Prepare Form 1040 plus all the appropriate Schedules and worksheets for Ms. Lincoin for 2020 She is entitled to a $2.000 child tax credit. For now, enter the credit on the appropriate line of the form. She wants to contribute to the presidential election campaign Ms Lincoln had qualifying…

Which of the following situations describes a risk exposure that can be most appropriately insured against with an individual disability income policy? A)A self-employed bookkeeper earns $40,000 a year out of a small office located in her neighborhood, and wants to protect her income. B)A lawyer wants to make sure his business overhead expenses are covered if he becomes disabled. C)A couple with a military retirement income manages a self-storage business, and they are compensated with a place to live that is on the premises of the business. D)An accountant's spouse owns the building in which the accounting office is located. All of the practice’s income is used to pay rent and other business expenses, so the accountant has no compensation from the business.

Answer 2

Textbook Question

Chapter 3, Problem 1SSQ

Which of the following are covered by FICA (indicate Yes or No)?

_____1. Andrian Mitchell, a full-time life insurance salesperson.
_____2. John Sain, a federal government employee, hired in 1990.
_____3. Bonnie Stone, a real estate agent.
_____4. Stuart Schuck, who offers lawn care service to homeowners in the neighborhood.

Expert Solution & Answer

To determine

Identify whether the given persons are covered by FICA.

Explanation of Solution

FICA tax refers to the Federal Insurance Contribution Act tax, which is Country U.S law that creates the payroll tax requiring deductions.

FICA imposes two taxes on the employer and the employee. In this, one tax would finances the federal old age, survivors and disability insurance programs which would be called as the OASDI. The other tax would finance the hospital insurance (HI) or the Medicare program.

1. Yes, Person AM is covered by FICA. Person AM is a full-time life insurance sales person. The full-time life insurance sales persons are covered as the statutory employees for the purposes of social security tax, Medicare tax and FUTA tax.
2. Yes, Person JS is covered by FICA. The Federal government employees hired after the year 1983 are subject to full FICA coverage.
3. No, Person BS is not covered by FICA. The real estate agents are considered as the independent contractors.
4. No, Person SS is not covered by FICA. Person SS offers lawn services to general public and that is considered as the independent contractors.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 3, Problem 1SSQ

Which of the following are covered by FICA (indicate Yes or No)?

_____1. Andrian Mitchell, a full-time life insurance salesperson.
_____2. John Sain, a federal government employee, hired in 1990.
_____3. Bonnie Stone, a real estate agent.
_____4. Stuart Schuck, who offers lawn care service to homeowners in the neighborhood.

Expert Solution & Answer

To determine

Identify whether the given persons are covered by FICA.

Explanation of Solution

FICA tax refers to the Federal Insurance Contribution Act tax, which is Country U.S law that creates the payroll tax requiring deductions.

FICA imposes two taxes on the employer and the employee. In this, one tax would finances the federal old age, survivors and disability insurance programs which would be called as the OASDI. The other tax would finance the hospital insurance (HI) or the Medicare program.

1. Yes, Person AM is covered by FICA. Person AM is a full-time life insurance sales person. The full-time life insurance sales persons are covered as the statutory employees for the purposes of social security tax, Medicare tax and FUTA tax.
2. Yes, Person JS is covered by FICA. The Federal government employees hired after the year 1983 are subject to full FICA coverage.
3. No, Person BS is not covered by FICA. The real estate agents are considered as the independent contractors.
4. No, Person SS is not covered by FICA. Person SS offers lawn services to general public and that is considered as the independent contractors.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 3, Problem 1SSQ

Which of the following are covered by FICA (indicate Yes or No)?

_____1. Andrian Mitchell, a full-time life insurance salesperson.
_____2. John Sain, a federal government employee, hired in 1990.
_____3. Bonnie Stone, a real estate agent.
_____4. Stuart Schuck, who offers lawn care service to homeowners in the neighborhood.

Expert Solution & Answer

To determine

Identify whether the given persons are covered by FICA.

Explanation of Solution

FICA tax refers to the Federal Insurance Contribution Act tax, which is Country U.S law that creates the payroll tax requiring deductions.

FICA imposes two taxes on the employer and the employee. In this, one tax would finances the federal old age, survivors and disability insurance programs which would be called as the OASDI. The other tax would finance the hospital insurance (HI) or the Medicare program.

1. Yes, Person AM is covered by FICA. Person AM is a full-time life insurance sales person. The full-time life insurance sales persons are covered as the statutory employees for the purposes of social security tax, Medicare tax and FUTA tax.
2. Yes, Person JS is covered by FICA. The Federal government employees hired after the year 1983 are subject to full FICA coverage.
3. No, Person BS is not covered by FICA. The real estate agents are considered as the independent contractors.
4. No, Person SS is not covered by FICA. Person SS offers lawn services to general public and that is considered as the independent contractors.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Identify whether the given persons are covered by FICA.

Explanation of Solution

FICA tax refers to the Federal Insurance Contribution Act tax, which is Country U.S law that creates the payroll tax requiring deductions.

FICA imposes two taxes on the employer and the employee. In this, one tax would finances the federal old age, survivors and disability insurance programs which would be called as the OASDI. The other tax would finance the hospital insurance (HI) or the Medicare program.

1. Yes, Person AM is covered by FICA. Person AM is a full-time life insurance sales person. The full-time life insurance sales persons are covered as the statutory employees for the purposes of social security tax, Medicare tax and FUTA tax.
2. Yes, Person JS is covered by FICA. The Federal government employees hired after the year 1983 are subject to full FICA coverage.
3. No, Person BS is not covered by FICA. The real estate agents are considered as the independent contractors.
4. No, Person SS is not covered by FICA. Person SS offers lawn services to general public and that is considered as the independent contractors.

Answer 8

Expert Solution & Answer

To determine

Identify whether the given persons are covered by FICA.

Explanation of Solution

FICA tax refers to the Federal Insurance Contribution Act tax, which is Country U.S law that creates the payroll tax requiring deductions.

FICA imposes two taxes on the employer and the employee. In this, one tax would finances the federal old age, survivors and disability insurance programs which would be called as the OASDI. The other tax would finance the hospital insurance (HI) or the Medicare program.

1. Yes, Person AM is covered by FICA. Person AM is a full-time life insurance sales person. The full-time life insurance sales persons are covered as the statutory employees for the purposes of social security tax, Medicare tax and FUTA tax.
2. Yes, Person JS is covered by FICA. The Federal government employees hired after the year 1983 are subject to full FICA coverage.
3. No, Person BS is not covered by FICA. The real estate agents are considered as the independent contractors.
4. No, Person SS is not covered by FICA. Person SS offers lawn services to general public and that is considered as the independent contractors.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Identify whether the given persons are covered by FICA.

Answer 12

Explanation of Solution

FICA tax refers to the Federal Insurance Contribution Act tax, which is Country U.S law that creates the payroll tax requiring deductions.

FICA imposes two taxes on the employer and the employee. In this, one tax would finances the federal old age, survivors and disability insurance programs which would be called as the OASDI. The other tax would finance the hospital insurance (HI) or the Medicare program.

1. Yes, Person AM is covered by FICA. Person AM is a full-time life insurance sales person. The full-time life insurance sales persons are covered as the statutory employees for the purposes of social security tax, Medicare tax and FUTA tax.
2. Yes, Person JS is covered by FICA. The Federal government employees hired after the year 1983 are subject to full FICA coverage.
3. No, Person BS is not covered by FICA. The real estate agents are considered as the independent contractors.
4. No, Person SS is not covered by FICA. Person SS offers lawn services to general public and that is considered as the independent contractors.

Answer 13

Ch. 3 - Which of the following are covered by FICA...Ch. 3 - Prob. 2SSQ Ch. 3 - Prob. 3SSQ Ch. 3 - Lori Kinmark works as a jeweler for a local...Ch. 3 - _____1. Johnson Industries, a semiweekly...Ch. 3 - _____1. Employees FICA tax rates A. Severance pay...Ch. 3 - For social security purposes, what conditions must...Ch. 3 - Prob. 2QR Ch. 3 - Prob. 3QR Ch. 3 - Prob. 4QR

Videos

Explanation of Solution

Want to see more full solutions like this?

Chapter 3 Solutions