Asked by Chasity Kleinsorge on May 17, 2024
Verified
FICA taxes are collected equally from the employee and the employer.
FICA Taxes
Taxes imposed by the Federal Insurance Contributions Act on both employees and employers to fund Social Security and Medicare.
- Identify the responsibilities of employers and employees in the payroll tax process.
Verified Answer
SA
Summayah AbdullahMay 20, 2024
Final Answer :
True
Explanation :
FICA taxes (Social Security and Medicare taxes) are split equally between the employee and employer, with each responsible for paying 6.2% for Social Security and 1.45% for Medicare.
Learning Objectives
- Identify the responsibilities of employers and employees in the payroll tax process.