Asked by Tarja Singh on Jun 27, 2024
Verified
Federal unemployment compensation tax (FUTA)
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
FUTA
Federal Unemployment Tax Act, a United States federal law that imposes a payroll tax on employers to fund state workforce agencies.
Withheld
Refers to a portion of an employee's wages or salary that is not immediately paid out but is instead held back, commonly for tax purposes.
Matched by Employer
Contributions made by an employer to match the amount an employee contributes to their retirement plan or similar benefit program.
- Identify the distinctions among payroll components and understand their impact on the financial obligations of employees and employers.
Verified Answer
ZK
Learning Objectives
- Identify the distinctions among payroll components and understand their impact on the financial obligations of employees and employers.