Asked by
Lindsay Van Daele
on Nov 13, 2024Verified
FICA-Social security
A) Amount is limited, withheld from employee only
B) Amount is limited, withheld from employee and matched by employer
C) Amount is limited, paid by employer only
D) Amount is not limited, withheld from employee only
E) Amount is not limited, withheld from employee and matched by employer
F) Amount is not limited, paid by employer only
FICA-Social Security
A U.S. government program funded by payroll taxes under the Federal Insurance Contributions Act (FICA) that provides retirement benefits, disability income, and survivor benefits.
Withheld
Typically refers to portions of an employee’s earnings that are not paid directly to the employee but instead held back for taxes, retirement contributions, or other purposes.
Matched By Employer
Contributions made by an employer towards an employee's benefit plan, such as a 401(k), that are equal to the contributions made by the employee.
- Distinguish between different types of payroll items and their tax treatment characteristics.
Verified Answer
SS
Learning Objectives
- Distinguish between different types of payroll items and their tax treatment characteristics.