All categories

2 years ago

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

Business

1 answer:

satela [25.4K]2 years 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

You might be interested in

There is an oil refinery located on a river. A fish farm is located in the bay, and is adversely affected by the oil refiner’s w

Galina-37 [17]

D. Suppose that the government imposes a tax on the oil refiner that makes the oil refiner pay twice per unit of output produced. is there T that induces the Pareto efficient level of o

6 0

3 years ago

You are evaluating an investment that requires $1,000 upfront, and pays $100 at the end of each of the first 2 years, and an add

Artist 52 [7]

Answer:

Multiple Choice s

IRR increases

IRR decreases

IRR remains constant

The correct option is that IRR increases

Explanation:

The initial IRR would be calculated while also the increase in cash flow from $200 to $100 in the first two years would be incorporated into computing a second IRR using IRR formula in excel:

=IRR(values)

The values for first scenario are:

Year cash flow

0 -$1000

1 $100

2 $5,100

IRR is 131%

Second scenario:

Year cash flow

0 -$1000

1 $200

2 $5,200

IRR is 138%

IRR increases by 7% (138%-131%)

3 0

3 years ago

Due to political instability in the country of United Mapa, the strategic leaders at the headquarters of FT Supplies Inc. have d

Korolek [52]

Answer: (D) Corporate strategy

Explanation:

The corporate strategy is one of the type of strategic planning method that helps in achieving the main objective of the company and also improving the various types of business units in an organization.

The corporate strategy basically creating the values and also developing the various types the various types of unique advantages for selling the products and the services in the market.

According to the given question, due to some political instability the strategic leader of the company decided to divest in the business and this is known as the corporate strategy.

Therefore, Option (D) is correct answer.

3 0

3 years ago

Turbo Corporation (a U.S.-based company) acquired merchandise on account from a foreign supplier on November 1, 2017, for 100,00

Eva8 [605]

Answer:

a. It results in a gain on foreign exchange of $1,200

b. It results in a loss on foreign exchange of $500

Explanation:

The accounting standard related to foreign exchange is IAS 21 and it requires that financial assets and liabilities in the balance sheet are recognized at the spot rate and revalued at year end using the closing rate with the difference between the amounts at transaction date and year end recognized as a gain/loss in the income statement.

Since the item was purchased on account, the inventory is not a financial asset and will thus not be revalued. However, the accounts payable will be revalued.

The entries posted on purchase would have been debit inventory and credit accounts payable.

On November 1, 2017

1 markka = $0.754

100,000 markka = $75,400

when the rate changes to $0.742,

100,000 markka = $74,200

The difference

= $75,400 - $74,200

= $1,200

There has been a reduction in the liability by this difference hence

Debit Accounts payable $1,200

Credit Foreign exchange gain $1,200

January 15, 2018 where the rate becomes $0.747,

100,000 markka = $74,700

The difference then becomes

= $74,200 - $74,700

= ($500)

This is an increase in the liability hence

Debit Foreign exchange loss $500

Credit Accounts payable $500

8 0

3 years ago

Read 2 more answers

Taxes on the property Buyer Alan is purchasing are $3,200 due on December 31. If the closing is set for October 15, using the 36

lisabon 2012 [21]

Answer:

C). The seller's share of $2,525.76

Explanation:

The 365-day assumes a total of 365 days in a year. So the number of days up to when the closing is set should be determined as shown;

<em>Step 1: Determine total number of days up to October 15</em>

Total days up to October 15=Number of days in January+number of days in February+number of days in March+number of days in April+number of days in May+number of days in June+number of days in July+number of days in August+number of days in September+number of days up to October 15

where;

number of days in January=31

number of days in February=28

number of days in March=31

number of days in April=30

number of days in May=31

number of days in June=30

number of days in July=31

number of days in August=31

number of days in September=30

number of days up to October 15=15

replacing;

Total days up to October 15=(31+28+31+30+31+30+31+31+30+15)=288 days

<em>Step 2: Determine the amount of taxes that will be credited to the buyer</em>

Sellers share=(number of days up to October 15/total number of days in a year)×Taxes due on December 31

where;

number of days up to October 15=288 days

total number of days in a year=365

Taxes due on December 31=$3,200

replacing;

Sellers share=(288/365)×3,200=2,524.93 which is approximately equal to 2,525.76

The seller's share of $2,525.76

8 0

3 years ago