Oasdi - Study guides, Class notes & Summaries

FPC Payroll Fundamentals | Questions and Correct Answers | Latest Update 2024/2025 Worker that has Fed, OASDI, Medicare, State withheld - Answer - Employee Worker that requires the employer to pay ER taxes - Answer -Employee Worker that receives W2 form - Answer -Employee Worker that does not have taxes withheld - Answer -Independent Contractor Worker that has TIN - Answer -Independent Contractor Worker that receives 1099 Form - Answer -Independent Contractor Asks how independent is ...

Types of Employee Benefits - ANSWER--medical expenses - loss of income due to... a) death b) disability c) unemployment d) retirement medical expenses - ANSWER--health insurance - FSAs/HSAs- pre tax health savings accounts -worker's comp loss of income due to death - ANSWER-(not generating any more income) -life insurance (UGA pays for $25K) -survivor benefits under retirement plans options: a) can inherit 401(k) assets b) continue pension payments to surviving spouse ...

_ is a payment the employer is required to withhold federal income taxes. correct answersTipped employees with monthly tips of $120. Under the federal income tax withholding, _ is not defined as an employee. correct answersA partner The FICA tax rates to be paid by employers are _. correct answers6.2% for OASDI (social security) 1.45% for HI (medicare) _ is not taxable for FICA. correct answersWage supplements to cover the difference between employees salaries and their military pay. ...

Which of the following is NOT a form of medical insurance? -Business overhead expense -Surgical expense -Hospital expense -Long term care - Business overhead expense (Explanation:Business Overhead Expense insurance is designed to reimburse a business for overhead expenses in the event a business owner becomes disabled. Expenses such as rent, utilities, telephone, equipment, employees' salaries, etc.) All of the following are state or federal government programs that provide health insura...

Worker that has Fed, OASDI, Medicare, State withheld correct answersEmployee Worker that requires the employer to pay ER taxes correct answersEmployee Worker that receives W2 form correct answersEmployee Worker that does not have taxes withheld correct answersIndependent Contractor Worker that has TIN correct answersIndependent Contractor Worker that receives 1099 Form correct answersIndependent Contractor Asks how independent is the employee and how much control can be exervis...

California Insurance Exam (2024) || With Complete Questions & Answers (Rated A+) California Insurance Exam (2024) || With Complete Questions & Answers (Rated A+) Two methods of determining insurance need: - ANSWER - - Human Life Approach - Needs Approach Human Life Value Approach~ - ANSWER - - One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will su...

Washington Life/Health Insurance Exam Latest Update Graded A+ policy owner usually, but not always the person covered by the policy beneficiary the person who is paid when a claim is submitted agent/producer acts as a legal representative of the insurance company broker representative of the Insured, not the insurance company risk The chance or uncertainty of loss Pure risk the chance of experiencing a loss (without the possibility of gain). Only downside, no upside. S...

Which type of insurance protects an agent and even pays claims if a lawsuit is brought against the agent as a result of failing to provide a service to a client? - Errors and Omissions Insurance Which of the following terms is known as the voluntary relinquishment of a given right or privilege? - Waiver This Supreme Court case placed the regulation of insurance within the authority of the federal government by defining insurance as a form of interstate commerce? - United States v. Southeastern...

1. The Federal Insurance Contributions Act levies a tax upon the gross earnings of self-employed persons. a. True b. False ANSWER: False POINTS: 1 2. FICA includes partnerships in its definition of employer. a. True b. False ANSWER: True POINTS: 1 3. In its definition of employee, FICA clearly distinguishes between classes or grades of employees. a. True b. False ANSWER: False POINTS: 1 4. The highest paid executives of a firm are excluded...

California Insurance Exam Questions and Answers 100% Pass Two methods of determining insurance need: - Correct Answer ️️ -- Human Life Approach - Needs Approach Human Life Value Approach~ - Correct Answer ️️ -- One of two ways of calculating insurance need. - By discounting estimated future income - Calculating the amount of life insurance a family will need based on the financial loss that they will suffer if the insured person were to pass away today - 10X salary - Based on ...