Asked by
Duangkaew Aiamsuwan
on Nov 14, 2024
Verified
FICA taxes and federal income taxes are levied on employees' earnings without limit.
FICA Taxes
Taxes mandated by the Federal Insurance Contributions Act, which fund Social Security and Medicare, split between employers and employees.
Federal Income Taxes
Charges imposed by the national government on the yearly income of persons, businesses, trusts, and other legal bodies.
- Distinguish between different types of taxes and their implications on employees and employers.
Verified Answer
JW
Learning Objectives
- Distinguish between different types of taxes and their implications on employees and employers.