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2 years ago

Where does the money you pay for the FICA tax on your paycheck go?

Business

1 answer:

strojnjashka [21]2 years ago

4 0

Answer:

see below

Explanation:

Social security and medicare taxes form the Federal Insurance Contributions Act (FICA) tax. These taxes are deducted from both the employer and employee per paycheck.

Social security tax forms the bulk of the FICA tax. The tax revenue collected as social security tax funds the United States government Social Security Trusts. The trusts are programs managed by the Social Security administration and include

Retirement benefits
Survivor benefits
Disability benefits

Medicare tax revenue funds Federal government medicare programs. This program caters to older American health care costs. The government's general revenue also finances health care. Medicare or health services in the USA are not solely dependent on medicare tax.

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The exit of existing firms from a competitive market will a. decrease market supply and increase market price. b. decrease marke

makvit [3.9K]

Answer:

The correct answer is option A.

Explanation:

The exit of existing firms from the market will reduce the overall market supply. This will cause the market supply curve to move to the left.

This leftward shift in the market supply curve will lead to an increase in the equilibrium price. The equilibrium quantity will be reduced.

The other firms in the market will get more market share and higher profits.

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2 years ago

A property management group is interested in diversifying its company to operate properties for low-income housing, but the grou

Sloan [31]

Options:a. Unrelated diversification b. Related diversification c. Internal new venture d. Joint.

Answer:b. Related diversification

Explanation:Related diversification is a system of diversification where a business Organisation diversifies its operations into product lines or brands that are similar to what it is already Manufacturing or marketing.

The property management company has already been involved in property management,but in this case it is for High income earners,since it is now interested and wants to diversify to property management for low income earners,this approach to diversify is called RELATED DIVERSIFICATION.

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3 years ago

Tips are considered _____. dividends taxable income gains a bonus

adoni [48]

Tips are considered taxable income.
Although they are a bonus that you get from your customers, on top of your paycheck, you still have to pay a tax on your tips given that in America, tips are considered to be a type of income. You'd get a dividend from a company, not from customers. Gain is just another word for profit.

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3 years ago

Read 2 more answers

Olivia’s employer deducts an amount from her paycheck for the medicare program. What type of withholding is being deducted from

hjlf

If your choices are:
A) tax exemption
B) local withholding
C) state withholding
D) Social Security

Then the answer is D) Social Security. It is from the government which gives the citizens to have the right to be admitted or to give insurance for the health.

6 0

2 years ago

Read 2 more answers

LO 3.4A company sells two products, Model 101 and Model 202. For every one unit of Model 101, they sell they sell two units of M

dexar [7]

Answer:

The sales mix is 1:2.

Model 101 Model 102

Selling Price 21 56

Variable Cost -14 -35

Contribution Per Unit 7 21

Multiply Sales Mix Ratio 1 2

Weighted Contribution 7 42

Now add the weighted Contribution to compute Contribution margin per composite unit which is 7+42=$49

Explanation:

I assumed that the cost and selling price here for Model 101 is $14 and $21 respectively. Similarly the cost and selling price of Model 102 is $35 and $56 respectively.

Remember that Contribution margin per composite unit means that we will earn 49 dollars(combined contribution of sales mix) if we sell the sale mix of Model 101 and 102 which is 1:2.

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2 years ago