Asked by
Autumn Schultz
on Dec 17, 2024Verified
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.
Verified Answer
AA
Learning Objectives
- Determine the amounts for FICA-OASDI and Medicare contributions according to set rates and income ceilings.