Asked by Alyssa Everett on May 11, 2024
Verified
Amounts withheld from each employee for social security and Medicare vary by state.
Withheld
Refers to a portion of an employee's wages not paid out directly to them but instead held back for purposes such as tax payments.
Social Security
A government program that provides financial assistance to people with insufficient or no income, especially the elderly, disabled, and unemployed.
Medicare
A federal health insurance program in the United States for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease.
- Identify the components and requirements of FICA taxes and their significance in payroll.
Verified Answer
NA
Nancy AlarconMay 12, 2024
Final Answer :
False
Explanation :
The rates and amounts of social security and Medicare taxes are determined by the federal government and are the same across all states.
Learning Objectives
- Identify the components and requirements of FICA taxes and their significance in payroll.