Social Security and Medicare tax: Multiple Choice Are paid only by employees i Have different rates Are based on the number of dependents not claimed None of the answer choices are correct.
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- Question 18: What is the total Medicare tax rate for an employee who is subject to both standard Medicare tax and Additional Medicare tax? Answer: А. O 2.35% В. O 2.45% C. O 6.2% D. O 7.65%Which is true regarding the taxation of social security benefits? Having earned income will reduce the tax on benefits RMD's are not considered when calculating any possible taxes owed Benefits are taxed at a rate of 100% Benefits could be taxed at a rate of either 50% or 85%Question 3: Which of the following is taxable for Social Security tax? Answer: А. O Contributions to a 403(b) plan В. O Contributions to a flexible spending account С. O Contributions to a dependent care flexible spending account D. O Contributions to a cafeteria plan
- which of the following deductions or withholding ranges are indexed Seriously get down now go upstairs defy white heart and adjusted based upon changes in the consumer price index? a. SEP IRA contributions b. standard deduction c. maximum social security witholding levels d. all of the abovetion Which of the following are "pay as you go taxes? (multiple answers with incorrect answers cancelling correct answers, so be careful) Da Medicaid taxes O b. Medicare taxes Oc social security taxes Od. withholding taxes (federal and state) □e. worker compensation premiums Of life insurance premiums Og federal unemployment taxes Oh state unemployment taxesQuestion 6: FUTA tax is paid solely by the employer. Answer: A. True В. False
- In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA taxes b.FICA taxes c.Medicare taxes d.Federal income taxes 9Question1.gif” alt=”Question 1 unsaved”>The Federal estate and gift taxes areexamples of progressive taxes.Question 1 options: True False SaveQuestion 2.gif” alt=”Question 2 unsaved”>The FICA tax (Medicare component) onwages is progressive since the tax due increases as wagesincrease.Question 2 options: True False SaveQuestion 3.gif” alt=”Question 3 unsaved”>Some states use their state incometax return as a means of collecting unpaid sales and use taxes.Question 3 options: True False SaveQuestion 4.gif” alt=”Question 4 unsaved”>No state has offered an income taxamnesty program more than once.Question 4 options: True False SaveQuestion 5.gif” alt=”Question 5 unsaved”>The ad valorem taxon personal use personalty is more often avoided by taxpayers than the advalorem tax on business use personalty.Question 5 options: True False Save Question 6.gif” alt=”Question 6 unsaved”>A VAT (value added tax):Question 6 options: Is regressivein its effect. Has not proved popular…Question 2: If an individual whose filing status is single earns $256,000 during the year, what portion of the earnings are subject to Additional Medicare Tax, and what is the total (standard and Additional) Medicare Tax rate that will be applied to these earnings? Answer: A. O $6.000 and0.9% В. O $6.000 and 2.35% C. O 556,000 and 0.9% D. O 556.000 and 2.35%
- Question 8: Which of the following is not a mandatory deduction from gross pay? Answer: A. Federal income tax withholding В. Union dues C. Social Security tax D. Medicare tax B.Question 1: Which of the following appears on the W-3 Form but does not appear on the W-2 Form? Answer: A. O Federal income tax withheld В. O Kind of payer С. Social Security wages D. Dependent care benefits1. When calculating the tax liability what items should be removed to be taxed at special rates? Life Insurance Proceeds Long Term Capital Gains Partnership Income Municipal Bond Interest 2. Which of the following can self-employed taxpayers NOT deducts as deductions for AGI? The cost of the health insurance premiums paid by the self-employed The employers portion of self-employment tax Contributions to a SEP or other retirement programs from the self-employment The income tax paid on the income earned by the self-employment
