Question
Prior to the current period, Sol Berenson, has earnings subject to FICA Tax of $126,700. During the current week, Sol has gross earnings of $1,900.
Prior to the current period, Sol Berenson, has earnings subject to FICA Tax of $126,700. During the current week, Sol has gross earnings of $1,900. How much FICA tax is owed by Sol for this period?
1.$58.55 2.$27.55 3.$31
Which of the following statements regarding Social Security tax is false?
1.Social Security tax was first levied on employees in 1937.
2.All earnings of an employee that exceed the taxable wage base in a single year are not subject to Social Security tax.
3.Social Security tax is also referred to as OASDI tax because it was initially established to benefit retired employees, survivors of employees, and disabled employees.
Which of the following was not a result of The Current Tax Payment Act of 1943?
1.Use of a pay-as-you-go system 2.Employer withholding of federal income tax
3.One increased federal income tax withholding rate that was consistent for all employees
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