Which of the following is true about Social Security and Medicare taxes as they pertain to earnings limits? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Employers contribute equally on all Social Security and Medicare taxes. Once an employee's year-to-date earnings exceed the wage base, no additional Social Security tax is withheld. Social Security tax applies to all earnings, regardless of year-to-date amounts. Highly compensated employees are subject to additional Medicare tax withholding.

Which of the following is true about Social Security and Medicare taxes as they pertain to earnings limits? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Employers contribute equally on all Social Security and Medicare taxes. Once an employee's year-to-date earnings exceed the wage base, no additional Social Security tax is withheld. Social Security tax applies to all earnings, regardless of year-to-date amounts. Highly compensated employees are subject to additional Medicare tax withholding.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 9MCQ

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