FICA
FICA is made up of two types of tax
What is Social Security and Medicare?
This form tells your employer the number of exemptions you claim.
What is W-4?
An insurance plan that pays medical and disability benefits to employees who are injured on the job.
What is worker's compensation?
Health insurance is a mandatory deduction. True or False
What is false?
What if your exemptions are higher next year? Will you pay more or less tax?
What is less tax?
Social Security tax rate amount that is paid by the employer.
What is 6.2%
This form is completed when you get hired and is used to report social security.
What is I-9?
A person who depends on you for more than half of his or her support.
What is dependent?
Social Security tax is a required deduction.
What is True?
What if you work the entire year but your income is less than $13,850 do you still have to file taxes?
What is no? Only if they took out taxes and you want your money back.
True or False
Social Security has a income limit.
What is true? $10,453 is the maximum that can be taken out in 2024.
This form is sent to you by your employer during the month of January.
What is the W-2 form?
The amount of your paycheck after deductions are subtracted.
What is net pay?
Long-Term Disability is a required deduction.
What is False?
What if you make $200,000 a year, do you still have to pay social security for the entire year?
What is no? The maximum income for 2024 is $168,000.
What is the Medicare Tax Rate?
What is 2.9%
This form is used to complete your tax return.
What is W-2?
A person you claim on your tax return as a dependent.
What is exemption?
State Tax is always a required deduction.
What is False? Some states don't have state taxes.
Ex. Florida, Nevada, Texas, Washington
What if you work part-time and get hurt at work? Can you still get worker's compensation?
What is yes?
What does FICA stand for?
What is
Federal Insurance Contribution Act
This form is sent to you when you do contracted work for someone.
What is 1099?
Total salary or wages earned during a pay period.
What is gross pay?
Income tax is a required deduction.
What is True?
What if you make $200,000 in a year do you still have to pay Medicare for the entire year?
What is yes? There is no income limit for Medicare.