What programs are funded by the fica tax

Assignment Help Taxation

Reference no: EM13900137

1. What programs are funded by the FICA (Federal Insurance Contributions Act) tax?

2. For each of the following payroll-related taxes, indicate whether it generally applies to (a) employees only, (b) employers only, (c) both employees and employers:

1. Social Security tax

2. Medicare tax

3. Federal income tax

4. Federal unemployment compensation tax

5. State unemployment compensation tax

3. To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the pe- riod during which the vacation privilege is earned or during the period in which the vacation is taken? Discuss.

4. What is interest? How does simple interest differ from compound interest?

5. What key characteristics define an annuity? What is the present value of a $500, three-year annuity, where the first payment is received one year from today and the rel- evant interest rate is 8%? Use the present value tables in Appendix A.

6. What is discounting?

7. Bill expects to receive $3,000 from his grandfather when he graduates from college three years from today. What is the present value of the $3,000 if the relevant interest rate is 6% compounded anually?

Reference no: EM13900137

Questions Cloud

What is meant by the gini coefficient : Looking at the outcome of overinvestment in a pro career by some youth, it would be easy to identify that as a winner-take-all outcome. But what is the argument against it? How do you come down on the issue?

How have your perspectives about race : How have your perspectives about race, gender, and class changed after completing this course and how did participating in discussions help your understanding of the subject matter? Is anything still unclear that could be clarified?

What is the best technique to memorize : When memorizing material for an exam what is the best technique to memorize?

Discuss the different types of unemployment : Discuss the different types of unemployment

What programs are funded by the fica tax : What programs are funded by the FICA (Federal Insurance Contributions Act) tax? What is interest? How does simple interest differ from compound interest?

A customized resume and an effective cover letter : Using correct format, prepare a customized resume and an effective cover letter and submit it along with a job advertisement that you find online, in a newspaper, or on a job board within your own company. Copy and paste the ad on a separate page in ..

Since ratification of the u.s. constitution : Since ratification of the U.S. Constitution many groups of people have struggle to achieve equality under the law. Even after the ratification of the U.S. Constitution and the Bill of Rights many people received little to no rights. In particular, wo..

What is the exim bank and how does it benefit the us economy : What is the EXIM bank and how does it benefit the US economy?

What two type of transactions cause most current liabilities : What two types of transactions cause most current liabilities? When are short-term notes payable issued? Should the unpaid amount of $5,000 be presented as a current liability at September 30?

User Account

All Pages