Asked by McGwire Midkiff on Jul 20, 2024
Verified
Most employers are levied a payroll tax for:
A) state and federal income taxes and FICA.
B) only FICA taxes.
C) FICA taxes, federal and state unemployment taxes.
D) only state and federal unemployment taxes.
FICA
Refers to the Federal Insurance Contributions Act tax, which is a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare.
Unemployment Taxes
Unemployment taxes are taxes paid by employers to fund the unemployment insurance system, providing benefits to workers who have lost their jobs.
- Identify the types of taxes and contributions both employers and employees are responsible for in the payroll process.
Verified Answer
MF
Mateo FloresJul 22, 2024
Final Answer :
C
Explanation :
Most employers are subject to payroll taxes that include FICA taxes (which fund Social Security and Medicare) as well as federal and state unemployment taxes. These taxes are part of the employer's responsibility to contribute to the social safety nets and unemployment insurance programs.
Learning Objectives
- Identify the types of taxes and contributions both employers and employees are responsible for in the payroll process.
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