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vova2212 [387]
1 year ago
6

Amounts withheld from each employee for social security and medicare vary by state.

Business
1 answer:
satela [25.4K]1 year ago
3 0

It is False.

No matter which states the employee lives, the amounts withheld from each employee for social security and medicare do not vary by state. The present tax rate for social security for employers and employees is 6.2% and the present current rate of medicare is 1.45% for both the employer and employee.

Employers are typically required to withhold Social Security and Medicare taxes from an employee's paycheck and pay the employer's share of those taxes.

The Social Security Tax and the Medicare Tax have different rates, and only the Social Security tax has a salary cap. The base salary ceiling is the maximum taxable salary in the year. Determine the withholding amount for Social Security and Medicare contributions by multiplying each payment by the employee's tax rate.

To learn more about social security and medicare from given link

brainly.com/question/19277833

#SPJ4

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Answer and Explanation:

The journal entry is shown below;

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3 years ago
Aden is a small engine mechanic who earns a regular hourly rate of $15.68. For overtime, he earns time and a half on Saturdays a
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$1,034.88

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Aden  total pay will be

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Sunday rate :  $15.68 x 2= $31.36

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Here is the ledger for Blossom Company.
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Answer:

1/Oct : Cash (Dr.) $8,660

Accounts Receivable (Cr.) $8,660

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3 years ago
Concord Corporation developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-va
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Answer:

the value of the inventory reported is $280,000

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The computation of the inventory reported on the balance sheet is shown below:

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