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Autumn Schultz
on Dec 17, 2024

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The amount of FICA-OASDI and FICA-Medicare withheld from the employee's check is determined by the employee's:

A) gross pay.
B) net pay.
C) earnings for the period and cumulative earnings.
D) W-4.

FICA-OASDI

Taxes collected under the Federal Insurance Contributions Act for Old Age, Survivors, and Disability Insurance, commonly known as Social Security.

Cumulative Earnings

The total amount of net income a company has earned over a specific period until the present date, not including dividends.

  • Determine the amounts for FICA-OASDI and Medicare contributions according to set rates and income ceilings.
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AA
Areeba AsharDec 19, 2024
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