What is the meaning of fica tax, Accounting Basics

Assignment Help:

FICA Tax (Social Security)

Both the employee and the employer contribute equally.

OASDI has a Taxable Wage Base that is the maximum amount of earnings during a calendar year that is subject to OASDI taxes.

($102,000) tax rate is 6.2% for the first $102,000 earned.

HI has no maximum amount, and hence all earnings are subject to HI. Tax rate is 1.45% of all earnings.

 


Related Discussions:- What is the meaning of fica tax

Sales taxes and schedule of accounts receivable, Sales taxes and Schedule...

Sales taxes and Schedule of accounts receivable Schedule of accounts receivable  Accounts Receivable and individual accounts should match. Only accounts which have

Acounting, Why is it important for accounting information to be accurate an...

Why is it important for accounting information to be accurate and timely?

Journal, Why to and by using in journal, trading a/c, p&l a/c and ledger?

Why to and by using in journal, trading a/c, p&l a/c and ledger?

Show the company''s balance sheet, Q. Show the company's Balance sheet? ...

Q. Show the company's Balance sheet? Balance sheet the balance sheet Exhibit contains the liabilities, assets and stockholders' equity items taken from the work sheet. Note tha

Explain about closing process, Q. Explain about closing process? Expens...

Q. Explain about closing process? Expense, revenue and dividends accounts are nominal (temporary) accounts that are merely sub classifications of a real (permanent) account Ret

Nos, the spelling of number is different than code

the spelling of number is different than code

Cartwright inc has $1, Cartwright inc has $1,000,000 of 10% bonds outstandi...

Cartwright inc has $1,000,000 of 10% bonds outstanding on December 31, 20x8. On January 1, 20x9 adams corp and 80% owned subsidiary of Cartright, inc purchases a $250,000 part of c

Measurement in financial statements, Q. Measurement in financial statements...

Q. Measurement in financial statements? In December 1984 the FASB issued Statement of Financial Accounting Concepts No. 5 The Recognition and Measurement in Financial Statement

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd