Asked by Lauren Stacy on Jul 01, 2024
Verified
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. federal program funded by payroll taxes under the Federal Insurance Contributions Act (FICA) aimed at providing retirement, disability, and survivors' benefits.
Withheld
Referring to the portion of an employee's wages not paid directly to the employee but instead held back, often for tax purposes.
Matched by Employer
Refers to contributions that an employer makes to an employee's retirement plan, equal to the amount the employee contributes up to a certain percentage.
- Differentiate various payroll elements and their effects on the financial duties of both employees and employers.
Verified Answer
DD
Dreamation Designs6 days ago
Final Answer :
b
Explanation :
FICA-Social Security is withheld from both the employee and employer, and the amount withheld for Social Security is limited.
Learning Objectives
- Differentiate various payroll elements and their effects on the financial duties of both employees and employers.