Describe the withholding requirements applicable to employers
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 2017, the withholding for the Social Security component is equal to the gross compensation paid (up to $127,200 in 2017) × 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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Which of the following statements is true regarding preliminary analytical procedures for debt obligations and stockholders' equity transactions?
a. Trend analysis would not typically be performed for debt obligations. b. The long-term debt to equity ratio could be considered by the auditor as part of the preliminary analytical procedures. c. Because there are typically only a few stockholders' equity transactions, the auditor is not required to perform preliminary analytical procedures for stockholders' equity accounts. d. If unusual or unexpected relationships are identified by preliminary analytical procedures, the auditor should stick with the original expectations of misstatements, because this could be an anomaly and bias the audit overall.
What was the fundamental principle laid out by the Caux Principles for NGOs (nongovernmental organizations)?
A. respect B. life C. integrity D. freedom
__________ are judgments about what caused a person's behavior-something about the person or something about the situation.
Fill in the blank(s) with the appropriate word(s).
At the close of the project, the project manager should prepare a written evaluation of each member of the project team that includes
a. a description of the mistakes the team member made on the project. b. how management did not understand the team member's contributions. c. how the team member's knowledge expanded as a result of the project assignment. d. recommendations that limit the team member's growth to keep the project team together.