Asked by
Cherubim Jephunneh
on Oct 15, 2024
Verified
FICA taxes include:
A) Social Security and Medicare taxes.
B) Charitable giving.
C) Employee state income tax.
D) Federal and state unemployment taxes.
E) Farming income crop adjustment taxes.
FICA Taxes
Taxes imposed on both employees and employers to fund Social Security and Medicare, based on a percentage of the employee's earnings.
Social Security
A government program that provides financial assistance to people with insufficient or no income, including retirees, disabled individuals, and survivors.
Medicare Taxes
Taxes collected from employees and employers to fund the Medicare program, which provides health insurance for Americans aged 65 and older, and for some younger people with disability.
- Assess and identify differences among assorted payroll taxes and responsibilities, including FICA, FUTA, and SUTA taxes.
- Compute the effect of FICA taxes on the financial responsibilities of both the employee and the employer.
Verified Answer
AF
Learning Objectives
- Assess and identify differences among assorted payroll taxes and responsibilities, including FICA, FUTA, and SUTA taxes.
- Compute the effect of FICA taxes on the financial responsibilities of both the employee and the employer.