FREE Trial

Which of the following is not true about FICA taxes? a. The FICA tax has two parts, Social Security (Old

Question:

Which of the following is not true about FICA taxes?
a. The FICA tax has two parts, Social Security (Old Age, Survivors, and Disability Insurance) and Medicare.
b. In 2020, the maximum wage base for Social Security tax withholding is $132,900.
c. In 2020, there is no maximum wage base for Medicare tax withholding.
d. When employees work for more than one employer and exceed the maximum wage base for Social Security tax withholding in total, they are allowed a refund of
excess tax withheld.

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 100% (1 review)

b In 2020 the m…View the full answer


answer-question
Answered By
tutor-profile-image
Hassan Imtiaz
The following are details of my Professional Experience. Responsibilities Eight years of demanding teaching experience in the field of finance and business studies at Master’s Level. Completion of the given tasks within given time with quality and efficiency. Marketing professional with practical experience in and solid understanding of a diverse range of management applications, including market analysis, sales and marketing, team building and quality assurance. I have excellent skills to approach deal and sustain corporate clients / customers by demonstrating not only extraordinary communication and interpersonal skills but also high caliber presentation, negotiation and closing skills. Manage and follow up the day-to-day activities. Manage and co-ordinate the inventories. Fulfillment of all the tasks assigned. The following are details of my Areas of Effectiveness. Finance 1. Corporate Finance 2. Advanced Corporate Finance 3. Management of Financial Institutions 4. International Financial Management 5. Investments 6. Fixed Income 7. Real Estate Investment 8. Entrepreneurial Finance 9. Derivatives 10. Alternative Investments 11. Portfolio Management 12. Financial Statement Analysis And Reporting (US GAAP & IFRS) 13. International Financial Markets 14. Public Finance 15. Personal finance 16. Real estate 17. Financial Planning Quantitative Analysis 1. Time Value Of Money 2. Statistics 3. Probability Distribution 4. Business Statistics 5. Statistical Theory and Methods Economics 1. Principles of Economics 2. Economic Theory 3. Microeconomic Principles 4. Macroeconomic Principles 5. International Monetary Economics 6. Money and Banking 7. Financial Economics 8. Population Economics 9. Behavioral Economics International Business 1. Ethics 2. Business Ethics 3. An introduction to business studies 4. Organization & Management 5. Legal Environment of Business 6. Information Systems in Organizations 7. Operations Management 8. Global Business Policies 9. Industrial Organization 10. Business Strategy 11. Information Management and Technology 12. Company Structure and Organizational Management Accounting & Auditing 1. Financial Accounting 2. Managerial Accounting 3. Accounting for strategy implementation 4. Financial accounting 5. Introduction to bookkeeping and accounting Marketing 1. Marketing Management 2. Professional Development Strategies 3. Business Communications 4. Business planning 5. Commerce & Technology Human resource management 1. General Management 2. Conflict management 3. Leadership 4. Organizational Leadership 5. Supply Chain Management 6. Law 7. Corporate Strategy Creative Writing 1. Analytical Reading & Writing Other Expertise 1. Risk Management 2. Entrepreneurship 3. Management science 4. Organizational behavior 5. Project management 6. Financial Analysis, Research & Companies Valuation 7. And any kind of Excel Queries
4.80+ 150+ Reviews 230+ Question Solved
Related Book For  answer-question
Income Tax Fundamentals 2021

Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

See More Books
Question Details
Chapter # 9- Payroll, Estimated Payments, and Retirement Plans
Section: Multiple Choice
Problem: 9
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: September 28, 2023 03:05:10
See More Questions

Students also viewed these Business questions

Q:
Which of the following amounts paid by an employer to an employee is not subject to withholding? a. Salary b. Bonus c. Commissions d. Reimbursement of expenses under an accountable plan e. All of the...
A:
1 D Reimbursement of expenses under an accountable......
Q:
Which of the following is not true about FICA taxes? a. The FICA tax has two parts, Social Security (Old Age, Survivors, and Disability Insurance) and Medicare. b. In 2022, the maximum wage base for...
A:
D Any excess Social......
Q:
Which of the following is not true about FICA taxes? a. The FICA tax has two parts, Social Security (Old Age, Survivors, and Disability Insurance) and Medicare. b. In 2018, the maximum wage base for...
A:
b In 2018 the m......
Q:
Which set of parametric equations is shown in the graph below? Explain your reasoning. (a) (b) x = t y = f
A:
The graph matches a......
Q:
Did the directors of RCL Plc violate their duty of care to the corporation? Ronald S. Lauder founded RSL Ltd., a multinational telecommunications corporation. RSL Plc was a subsidiary of RSL Ltd. The...
A:
Holding Yes the board violated its duty of due care According to the court under New York law a director shall perform his duties as director in good faith and with that degree of care which an ordina......
Q:
For the CMOS operational amplifier shown in Fig. 9.60, calculate the open-loop voltage gain, unity gain bandwidth, and slew rate. Assume the parameters of Table 2.1 with X d = 1 µm. Assume that...
A:
L eff L 2Ld Xd 8 2 03 1 64 I D 20 A for m g m 5 m 7......
Q:
Suppose you have 5.000 10 24 molecules of methane, CH 4 . (a) How many moles of methane do you have? (b) How many grams of methane do you have?
A:
To find the number of moles of methane and grams of methane we need to use the appropriate conversio......
Q:
Atwood's Machine A 15.O-kg load of bricks hangs from one end of a rope that passes over a small, frictionless pulley. A 28.O-kg counterweight is suspended from the other end of the rope. As shown in...
A:
IDENTIFY Apply F m to the load of bricks and to the counterweight The tension is the same at each en......
Q:
You have the following information about a company: Answer: Target Capital Structure LT Debt = ST Debt= WACC = Preferred Stock = Common Stock = ra (before tax) = std (before tax) = Tax Rate = 30% 5%...
A:
To calculate the Weighted Average Cost of Capital W......
Q:
Terry worked for two employers during 2020. The amount of wages paid to Terry by both employers totaled $168,400 and the employers properly withheld both income and employment taxes. As a result of...
A:
c Terry will claim......
Q:
Fiduciary Investments paid its employee, Yolanda, wages of $139,000 in 2020. Calculate the FICA tax: Withheld from Yolanda's wages: Paid by Fiduciary: Total FICA Tax Social Security Medicare Social...
A:
Yolanda Fiduciary Total FICA Tax Socia......
Q:
A Fredholm integral equation of the second kind is an equation of the form Where a and b and the functions f and K are given. To approximate the function u on the interval [a, b], a partition x0 = a...
A:
a For the Trapezoidal rule m n 1 x 0 0 x 1 1 so that for......
Q:
Are firms listed on the NYSE big board always larger than firms listed only by NASDAQ?
A:
No firms listed on the New York Stock Exchange NYSE often referred to as the big board are not neces......
Q:
What are the differences between indexed mutual funds and ETFs?
A:
Indexed mutual funds and exchange traded funds ETFs are similar in that they both aim to passively track a specific market index but they differ in certain key aspects Here are the main differences be......
Q:
If there is a surplus of $100 in the capital account, no unilateral transfers, and a $50 deficit in the net exports of services, what is the trade balance?
A:
Given a capital account surplus of 100 no unilateral transfers and a net exports of servi......
Q:
In a paragraph, explain how inflation in stock markets can spill over to inflation in output markets. Do the same for deflation.
A:
Inflation in stock markets can spill over to inflation in output markets through various channels Wh......
Q:
What is buying on the margin? Does it increase or decrease the risk of large losses? What about gains?
A:
Buying on margin is a practice in which an investor borrows funds from a brokerage or a financial institution to purchase securities such as stocks bo......
Q:
The SciFi Theater Inc. was recently formed. It began operations in March 2012. The SciFi is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The...
A:
a c Cash 3 1 Bal 16 000 3 9 9 900 3 20 8 300 3 31 750 3 31 20 000 3 2 2 000 3 10 10 900 3 12 500 3 2......
Q:
In Exercises discuss the continuity of each function. f(x) -3 1 x - 4 y 3 2 -1 -2 -3+ 3 X
A:
The function f x x 2 4 x 2 is not continuous at......
Q:
The following additional information is available for the Albert and Allison Gaytor family. The Gaytors own a rental beach house in Hawaii. The beach house was rented for the full year during 2016...
A:
Click to View...
Q:
The following additional information is available for the Albert and Allison Gaytor family. The Gaytors own a rental beach house in Hawaii. The beach house was rented for the full year during 2016...
A:
Click to View...
Q:
The cost of which of the following expenses is not deductible as a medical expense on Schedule A, before the 10 percent of adjusted gross income limitation? a. A psychiatrist b. Botox treatment to...
A:
b Botox treatment to reduce wrinkles around eyes The cost of Botox treatment for cosmetic purposes s......
The Dynamics Of Mechanical Flight Lectures Delivered At The Imperial College Of Science And Technology March 1910 And 1911 1st Edition - ISBN: 026640748X - Free Book