What taxes are withheld - Study guides, Class notes & Summaries

What is FICA? correct answers-Federal Insurance Contributions Act -Made up of social security and medicare -levies taxes on all employees (even self-employed) 2020 Social Security Tax Rate correct answers6.2% of the first $137,700 in wages. Both employee and employer is 6.2%. Not subject to social security taxes if wages exceed this amount. This amount is DOUBLED for those who are self employed, 12.4% Medicare tax rate correct answers1.45% no cap (no wage limit on this tax) 2.9% for ...

Which of the following injuries is characterized by a sharp pain in the bottom of the heel that makes it difficult to walk? - Plantar fasciitis Before studying to become an NASM Certified Personal Trainer, Kim worked as a copywriter for a large ad agency. Now that she is working as a personal trainer at a fitness studio, she is looking for additional income opportunities. Which of the following would provide her with the best option for increasing her earning potential? - Marketing her serv...

HR Block Test Exam Questions And Answers A tax return or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filing status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - ANS a,$2,120 the deduction for state and local income taxes is limited to what amount? - ANS a. $10,000 ($5,000 if MFS). ...

Why does the government need taxes? Ans: - To provide services that people want and need - Payroll taxes are collected from both you and your employer to pay for things such as FICA (Social Security and Medicare). What is one example of "mandatory" spending? Ans: Social Security is required by the government What is one example of "discretionary" spending? Ans: 57% of all discretionary spending goes to fund the military What is one benefit that you (or someone you personally know) r...

Payroll compliance legislation final Exam Chapters 5-9|76 Questions with Verified Answers The Ontario Health Premiums are calculated based on - CORRECT ANSWER employee earnings in excess of $20,000.00 Which of the following provinces funds its health care coverage through premiums? - CORRECT ANSWER British Columbia Newfoundland and Labrador fund their health care systems through: - CORRECT ANSWER employer tax If a province funds their health care systems through the regular tax base,...

FPC Exam Fundamental Payroll Questions With Verified Answers 668-W - answerNotice of Levy on Wages, Salary, and Other Income 1096 - answerAnnual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - answer14 What is the FUTA tax rate? - answer6.0% On form 941, the employer reports - answerSocial Security Wages What is the formula for calculating an employees net pay? - answerGross pay-deductions for taxes- other deductions Which pla...

Florida life Insurance Prep Questions And Correct Answers Which of the following is an example of nonforfeiture option? - ANSWER reduced paid-up option All of the following statements about major medical benefits are true, EXCEPT: - ANSWER Benefits have no maximum limit What type of annuity has a cash value that is based upon the performance of it's underlying investment funds? - ANSWER variable An individual participant personally received eligible rollover funds from a profit-s...

HR Block Test Questions and Answers A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - ANS ️️ a,$2,120 the deduction for state and local income taxes is limited to what amount? - ANS ️️ a. $10,000 ($5,000 if MFS)...

H & R Block Income Tax Final Exam (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: Nash was reimbursed in 2023 by his insurance company for a medical expense that he had previously deducted on his 2022 Schedule A (Form 1040), Itemized Deductions. What is the tax treatment of the recovered medical expense, if any? Answer: The recovery is includable in income in the year received up to the amount by which the deduction or credit claimed reduced taxes i...

668-W - ANSWERS-Notice of Levy on Wages, Salary, and Other Income 1096 - ANSWERS-Annual Summary and Transmittal of U.S. Information Returns Under the FLSA how old must a minor be to be employed? - ANSWERS-14 What is the FUTA tax rate? - ANSWERS-6.0% On form 941, the employer reports - ANSWERS-Social Security Wages What is the formula for calculating an employees net pay? - ANSWERS-Gross pay-deductions for taxes- other deductions Which plan discriminates in favor of highly compe...