Which of the following is not true about FICA taxes? a. The FICA tax has two parts,

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Which of the following is not true about FICA taxes?

a. The FICA tax has two parts, Social Security (Old Age, Survivors, and Disability Insurance) and Medicare.

b. In 2022, the maximum wage base for Social Security tax withholding is $147,000.

c. In 2022, there is no maximum wage base for Medicare tax withholding.

d. When employees work for more than one employer and exceed the maximum wage base for Social Security tax withholding in total, the additional Social Security tax is used to offset any Medicare taxes withheld otherwise.

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Income Tax Fundamentals 2023

ISBN: 9780357719527

41st Edition

Authors: Gerald E. Whittenburg, Steven Gill

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Question Posted: Feb 28, 2023 06:56 AM

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Which of the following is not true about FICA taxes? a. The FICA tax has two parts,

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Income Tax Fundamentals 2023

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