Describe the withholding requirements to be followed by employers.
What will be an ideal response?
Employers are required to withhold employment taxes (i.e., FICA, which commonly is referred to as Social Security tax) and appropriate amounts for income taxes from each employee’s compensation payments. Though not withheld from the employees’ compensation, the employer also is required to match the FICA portion withheld and fully absorb the cost of FUTA.?The FICA tax is comprised of two elements: the Social Security tax and the Medicare tax. In 2019, the withholding for the Social Security component is equal to the gross compensation paid (up to $132,900 in 2019) × 6.2%, while the entire amount of compensation paid is subject to the Medicare tax at the rate of 1.45%.?To determine the appropriate amount of income tax withheld, the employee must complete a Form W-4, which indicates the number of withholding allowances and any additional amounts to be withheld.?
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