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Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
What is the Social Security Maximum Taxable
Earnings?
|
$106,800
|
|
What is the Medicare Maximum Taxable
Earnings?
|
No Limit
|
|
What is the maximum deduction for Social Security?
|
$6,621.60
|
|
What is the maximum deduction for Medicare?
|
No Limit
|
|
What is the maximum taxable earning for FUTA?
|
$7,000
|
|
The maximum FUTA credit is?
|
5.4%
|
|
What is the normal net tax for FUTA?
|
.8%
|
|
What is the flat withholding method for a supplemental/bonus wage?
|
25%
|
|
What is the withholding rate for bonus or supplemental pay over $1,000,000?
|
35%
|
|
What is FUTA taxable rate?
|
6.2%
|
|
What is the self-employment tax rate?
|
15.30%
|
|
What is the rate for Medicare?
|
1.45%
|
|
What is the Social Security rate?
|
6.2%
|
|
What is FICA?
|
Federal Insurance Contribution Act
(employment taxes)
|
|
What is the 8/80 Rule?
|
An exemption to the workweek standard for hospitals and nursing homes. Use 14 day period to determine OT compensation.
|
