Which of the following is not true about FICA taxes? a. The FICA tax has two parts,
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 2018, the maximum wage base for Social Security tax withholding is $127,200.
c. In 2018, 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.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
b In 2018 the m...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
Question Posted:
Students also viewed these Business questions
-
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...
-
Which of the following is correct regarding self-employment taxes? I. For purposes of the portion of self-employment tax that is equivalent to Social Security tax, taxable self-employment income is...
-
"Social Security, established in 1935, is the most costly item in the federal budget. After the income tax, it also provides the largest source of tax revenues. The program provides senior, survivor,...
-
Assume that you are purchasing shares in a company in the variety store and gas bar supply business. Suppose you have narrowed the choice to BFI Trading Ltd. and Lin Corp. and have assembled the...
-
Prepare journal entries for each transaction listed. a. At the end of June, bad debt expense is estimated to be $14,000. b. In July, customer balances are written off in the amount of $7,000.
-
Answers are given at the end of these exercises. (a) cos(a + 3) (b) sin(a - 3) = cosa cos sin a cos sin a sin 3 cos a sin 3
-
What are the four steps in capital investment financial analysis? Briefly describe them.
-
Carl, Barrowman, and Cribbins are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $100,000, $60,000, and $40,000, respectively. Instructions (a)...
-
From sampling 41 taxicab rides,in New York City, a survey found that the mean cost of the taxi fare from the sample was $12.04, and the sample standard deviation was $8.36. Use the steps below to...
-
The following is financial information for three companies: Required For each of the above companies, calculate the cash flow from operations using the indirect method. NuVu Ltd. ABC Inc. Akhtar Ltd....
-
Fidicuary Investments paid its employee, Yolanda, wages of $137,000 in 2018. Calculate the FICA tax: Withheld from Yolanda's wages: Social Security Medicare Paid by Fiduciary: Social Security...
-
Helen, a single taxpayer, has modified adjusted gross income (before passive losses) of $126,000. During the tax year, Helens rental house generated a loss of $15,000. Assuming Helen is actively...
-
Do the molecules in a liquid all have about the same speed, or do they have a wide variety of speeds?
-
The average annual return on an Index from 1996 to 2005 was 19.31 percent. The average annual T-bill yield during the same period was 3.91 percent. What was the market risk premium during these ten...
-
Can a company be both B2B and B2C at the same time with the same products? Which approach is the most profitable? Which has the longest sales cycle? What are the risks of focusing on one side vs the...
-
What advancements have been made in real-time operating systems (RTOS), and how do they cater to the stringent timing requirements of embedded systems and critical applications?
-
James, Inc., has purchased a brand new machine to produce its High Flight line of shoes. The machine has an economic life of 5 years. The depreciation schedule for the machine is straight-line with...
-
How could you make this event unique? 2,1154%. Hockey has made promoting the sport of women's hockey a priority. What kind of hockey event could you create to pro mote the sport? How could you...
-
Refer to the financial statements for Morning Java at the end of this chapter or in Appendix A. Answer the following questions: 1. How much was the preferred dividend per share? 2. How much was the...
-
The following processes constitute the air-standard Diesel cycle: 12: isentropic compression,23: constant-volume energy addition (T and P increase),34: constant-pressure energy addition (v...
-
Which of the following best describes the interest and interest rates for under and overpayments of income tax liability? a. The underpayment rate is higher than the overpayment rate. b. The interest...
-
Martha inadvertently failed to file her tax return for eleven months. The tax due on the return was $1,000. Her failure to file penalty will be: a. 55 percent of the tax due b. 25 percent of the tax...
-
Which of the following is not a penalty that may be imposed by the IRS? a. Failure-to-file penalty b. Failure-to-pay penalty c. Penalty for negligence d. Early filing penalty e. All of the above may...
-
Colleen Company has gathered the following data pertaining to activities it performed for two of its major customers. Number of orders Units per order Sales returns: Number of returns Total units...
-
Starting next year you plan on saving for a trip 10 years from now. You plan to save a $1000 a year from year 1 to year 9 because in year 10 there is no point in putting money away if you are going...
-
Write a C++ program to implement a stack using linked lists and provide functions for push, pop, and peek operations.
Study smarter with the SolutionInn App