FPC- Chapter 3 Questions
Which method to calculate federal income tax withholding is the most common for a
computerized payroll system? - ANS-percentage (3-6)
What is the easiest method to calculate federal income tax withholding on regular wages -
ANS-Wage - bracket (3-5)
2017 Social Security Tax
EE Rate, ER Rate, Max Salary, Max EE Tax, Max ER Tax - ANS-2017 Social Security Tax
EE Rate- 6.2%
ER Rate - 6.2%
Max Sal - $127,200.00
Max EE Tax- $7,886.40
Max ER Tax - $7,886.40
2017 Medicare Tax
EE Rate
ER Rate
Max Salary
Max EE Tax
Max ER Tax - ANS-2017 Medicare Tax
EE Rate - 1.45%
ER Rate - 1.45%
Max Salary - No Max
MaX EE Tax - No Max
Max ER Tax - No Max
When an employee is overpaid and the repayment occurs in the same year, the repayment
requested is the employee's - ANS-Net overpayment (3-3)
When paying supplemental wages, when must the aggregate withhold method be used? -
ANS-When no income tax is withhold from regular wages for the current or preceding calendar
year.
what form must a pensioner file to have input into the amount of federal income tax withheld -
ANS-W-4p (3-11)
T/F When an employee begins to receive social security benefits, the employer no longer needs
to withhold social security and Medicare taxes - ANS-False.
Which method to calculate federal income tax withholding is the most common for a
computerized payroll system? - ANS-percentage (3-6)
What is the easiest method to calculate federal income tax withholding on regular wages -
ANS-Wage - bracket (3-5)
2017 Social Security Tax
EE Rate, ER Rate, Max Salary, Max EE Tax, Max ER Tax - ANS-2017 Social Security Tax
EE Rate- 6.2%
ER Rate - 6.2%
Max Sal - $127,200.00
Max EE Tax- $7,886.40
Max ER Tax - $7,886.40
2017 Medicare Tax
EE Rate
ER Rate
Max Salary
Max EE Tax
Max ER Tax - ANS-2017 Medicare Tax
EE Rate - 1.45%
ER Rate - 1.45%
Max Salary - No Max
MaX EE Tax - No Max
Max ER Tax - No Max
When an employee is overpaid and the repayment occurs in the same year, the repayment
requested is the employee's - ANS-Net overpayment (3-3)
When paying supplemental wages, when must the aggregate withhold method be used? -
ANS-When no income tax is withhold from regular wages for the current or preceding calendar
year.
what form must a pensioner file to have input into the amount of federal income tax withheld -
ANS-W-4p (3-11)
T/F When an employee begins to receive social security benefits, the employer no longer needs
to withhold social security and Medicare taxes - ANS-False.
