Social security tax rate - Study guides, Class notes & Summaries
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Payroll Exam 2024/2025 with 100% correct answers
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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 ...
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FPC TOP Exam Questions And 100% CORRECT Answers
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Finding the base FIT using Percentage Method: 
Finding the FIT on Supplemental Wages: Optional Fat Rate- (Other compensation + 
any reimbursement) x 25%, 
Finding Social Security Tax: Total Compensation x 6.2% 
Finding Medicare Tax: Total Compensation x 1.45% 
Finding the net pay: Total Compensation - Base FIT -Supplement FIT -Social Security 
Tax- Medicare Tax -Reimbursements
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SIE Exam Latest Updated Graded A
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What type of risk is unique to a specific industry, business enterprise, or investment type? - ANSWER-Nonsystematic risk 
 
Under which of the following circumstances is an investor in a position to acquire stock? - ANSWER-Buy a call, sell a call (The holder of a call has the right to buy stock at the strike price if exercised. The seller of a put is obligated to buy stock at the strike price if exercised) 
 
Options- a premium - ANSWER-the cost of an option contract, expressed in dollars per sh...
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CFM 445 Midterm Questions and Answers 100% Pass
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CFM 445 Midterm Questions and Answers 100% Pass Most companies fail when they have to face ____ or more risks at the same time 2 
_____ is the most common element among contractors who fail significant increase in the size of projects undertaken 
Events leading to contractor failure usually take place in _______ during profitable years prior to failure 
T/F Past success is a good indication of future success False 
T/F A board of directors should be made up of internal and external members True ...
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CPP Practice Exam 208 Questions with Verified Answers,100% CORRECT
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CPP Practice Exam 208 Questions with Verified Answers 
 
From what taxes are cafeteria plan contributions generally exempt? 
 
A. SS, Medi, FIT, and FUTA 
B. FIT and SIT 
C. SS, Medi, FUTA, and SUI 
D. SS, Medi, FIT, and SIT - CORRECT ANSWER A. Social Security, Medicare, FIT, and FUTA 
 
 
Reference 4.5 Cafeteria Plans 
 
In which boxes on the W-2 would you report the adoption assistance? 
 
A. Boxes 3, 4, 5, 6 
B. Boxes 1, 2, 3, 4, 5, 6, 12 - Code T 
C. Boxes 3, 4, 5, 6, 12 - Code A 
D. Boxes 3...
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FPC EXAM FUNDAMENTAL EXAM 2024 WITH 100% CORRECT ANSWERS
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FPC EXAM FUNDAMENTAL EXAM 2024 WITH 100% CORRECT ANSWERS 
 
 
668-W - correct answer Notice of Levy on Wages, Salary, and Other Income 
 
1096 - correct answer Annual Summary and Transmittal of U.S. Information Returns 
 
Under the FLSA how old must a minor be to be employed? - correct answer 14 
 
What is the FUTA tax rate? - correct answer 6.0% 
 
On form 941, the employer reports - correct answer Social Security Wages 
 
What is the formula for calculating an employees net pay? - correct answ...
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Federal Taxation Test 1 Exam Questions With Answers
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Federal Taxation Test 1 Exam Questions With Answers 
Which of the following is an example of a progressive tax system? 
 
Social Security Tax 
A sales tax 
A proportional tax 
U.S. Federal Income Tax 
U.S. Federal Income Tax 
 
 
Which of the following is considered a tax? 
 
Fees to register an automobile 
 
Speeding ticket 
 
Entrance fee for a national museum 
 
Local surcharge for a homeowner to connect to city sewer service 
 
1% local surcharge on hotel rooms to pay for city government 
1%...
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FPC Practice Exam 188 Questions with Verified Answers,100% CORRECT
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FPC Practice Exam 188 Questions with Verified Answers 
 
Cafeteria plan are authorized by what Internal Revenue Code Section? 
A. 125 
B. 401k 
C. 403b 
D. 457b - CORRECT ANSWER a. 125 
 
all of the following are tax implications of a cafeteria plan except: 
a. no income tax withholding 
b. no social security and medicare tax withholding 
c. must withhold income, social security, and medicare taxes 
d. no form W2 reporting - CORRECT ANSWER C. must withhold income, social security, and medicare t...
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General Financial Literacy Course - Utah, Financial Literacy State Test Latest Update Graded A+
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General Financial Literacy Course - 
Utah, Financial Literacy State Test Latest 
 
Update Graded A+ 
 
401K A qualified plan established by employers to which eligible employees may make 
salary deferral (salary reduction) contributions on a post-tax and/or pretax basis. Employers 
offering a 401(k) plan may make matching or non-elective contributions to the plan on behalf of 
eligible employees and may also add a profit-sharing feature to the plan. Earnings accrue on a 
tax-deferred basis. 
 
4...
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FPC Payroll Fundamentals 1.9, 1.10 || Questions and 100% Verified Answers.
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IRS requires correct answers marital status and allowances are obtained from Form W-4 
 
Major Payroll Tasks correct answers Compliance with federal, state and local regulations 
Timely and accurate issuance of paychecks 
Periodic reporting 
Record retention 
Control and Security 
 
Federal Requirements for a Master File - Employee Data correct answers Name 
Address 
Gender 
Birth date 
SSN 
Occupation 
State where services rendered 
 
Federal Requirements for a Master File - Employment Data cor...
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