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please see atatchment which is include tax questions Mark the correct answer. FICA taxes are: a. 7.65% of all earned income with no limitations b.
please see atatchment which is include tax questions
Mark the correct answer. FICA taxes are: a. 7.65% of all earned income with no limitations b. 7.65% of earned income up to $150,000 c. Paid 50% by the employer d. Not subject to cost of living adjustments each year In determining an employee's FICA tax to be withheld, the maximum amount of wages subject to FICA must be reduced by the taxpayer's self-employment earnings. True False The original copy of all W-2 Forms and Form W-3 must be filed with the Social Security Administration by February 28 of the year following the calendar year in which the wages were paid, regardless of the tax year of the employer. True False Employees with self-employment income who also have W-2 income may be able to avoid making estimated tax payments by filing a new Form W-4 and increasing the amount of their withholding. True False Household employers are not required to pay FICA taxes on part-time household employees. True False If an individual taxpayer's quarterly estimated tax payments equal or exceed 70% of the tax due for the current year, the taxpayer will not be subject to the penalty for underpayment of estimated tax. True False Gambling winnings must be reported to the IRS, but withholding of taxes on winnings is never required. True False Household employers are not required to pay FICA taxes on cash payments of less than $1,400 paid to any household employee in a calendar year. True False Employers must provide employees with their Form W-2's by February 15th of the year following the calendar year of payment of the wages. True FalseStep by Step Solution
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