Question

MATH HELP!?

Answer 1

The correct answers are:
 1) C
 2) A
 3) D

Explanation:
1) Voluntary deductions are amounts that you elect to come out of your paycheck every pay period. Federal tax is not voluntary; neither is state tax, nor Social Security. The only voluntary deduction in this list is health insurance. You are not obligated to pay for your health insurance by automatically withholding it from your check.

 2) FICA is the tax that goes towards Social Security and Medicare. It is involuntary, and it is deducted as a percentage of your gross (pre-withholding) pay.

 3) A fixed expense would be one that is the same from month to month. The only one of these expenses that would be the same amount monthly is a mortgage.

Answer 2

1. The option C is correct.

2. The option A is correct.

3. The option D is correct.

Further Explanation:

1. Voluntary deductions: The voluntary deduction refers to the wages that are withheld from the paycheck on the will of the person. It includes the payments made to health and life insurance, retirement plan contributions, before-tax health savings plans, and savings programs.

The deduction like federal tax withholdings, state tax withholdings, and Social Security withholdings are mandatory deduction.

Therefore, option C is correct.

2. FICA: The abbreviation of the FICA is the “Federal Insurance Contributions Act.”. It is a tax deducted from employee paychecks to pay the older American citizens their Medicare and Social Security benefits. It also provides benefits to widowers and widows, disabled workers, and children whose parents are working but are dead and qualify for benefits.  It is a mandatory or involuntary payroll deduction.

Therefore, option A is correct.

3. Fixed Expense: There are two types of expense fixed expense and variable expense. Fixed expenses refer to costs that do not due to changes in production level or sales volume. They include such expenses as insurance, rent, equipment leases, and payments on loans, management salaries, depreciation, and advertising. The mortgage is the fixed expense because the mortgagee has to pay an annual or monthly amount to the mortgages.

Therefore, option D is correct.

Learn more:

1. Learn more about the variable cost

brainly.com/question/9203162

2. Learn more about the overhead cost

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3. Learn more about the excise tax

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Answer details:

Grade: Middle School

Subject: Taxation

Chapter: State income tax

 

Keywords: Voluntary deductions, federal tax withholdings, state tax withholdings, health insurance, Social Security withholdings, FICA, involuntary deduction based on a percentage of gross pay, voluntary deduction based on percentage of net income, voluntary deduction based on a percentage of gross pay, involuntary deduction based on a percentage of net income, fixed expense, clothing (not for work), gas for a trip to the beach,  jean, mortgage,Types of costs.