If you are self-employed, you must pay OASDI tax. However, since you do not have an employer to pay part of the tax, you are responsible for the entire amount. This means a self-employed individual has to pay 12.4 percent of her net earnings up to $106,800, although this was also ...
You must generally contribute to theOld Age, Survivors, and Disability Insurance (OASDI) program, otherwise known as Social Security, throughout your entire working life. You must pay the Social Security tax whether you're an employee orself-employed. There are a few exceptions, however. Key T...
Which of the following is paid by the employer only? A. OASDI tax B. Employee income tax C. Medicare tax D. Federal unemployment tax Which of the following payroll taxes has a maximum of earnings subject to the tax? A. State unemployment tax B. FICA Social Security C. FICA Medicare ...
Work bonuses entail the form of benefits issued to workers of a given entity, which accompanies their pay within a given period. Therefore, they form part of their employers' rewards issued to workers. However, the governing administration imposes taxes on various forms of earnings of indi...
benefits are not pre-funded (pay as you go) * Why Have Social Security? Potential problem with private retirement plans: Unexpected inflation reduces value of benefits Costly for private market to insure against inflation risk b/c of the high correlation across insureds ...
•Halfofworkingadultsareeligible-youhavetoworkfora companywith50+employees,haveworkedthereforthe pastyearandatleast1250hours.Itisunpaidleave. •Situationsinwhichitapplies: –thebirthofasonordaughteroftheemployeeandthecareof suchsonordaughter; –the placement of a son or daughter with the employee for...
Employers who do not deduct statutory withholdings from employee payments have nothing to worry about. a. True b. False Deduction: It is an expense deductible from taxable income to reduce the amount payable and is different from a tax credit, which i...