Answered

Explore Westonci.ca, the premier Q&A site that helps you find precise answers to your questions, no matter the topic. Discover in-depth solutions to your questions from a wide range of experts on our user-friendly Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

The Federal Insurance Contributions Act provides retirement, disability, survivorship, and medical benefits to qualified workers. Laws require employers to withhold _____ taxes from employees' pay to cover costs of the system.

Sagot :

gauravsingh23VT

The Federal Insurance Contributions Act provides retirement, disability, survivorship, and medical benefits to qualified workers. Laws require employers to withhold FICA  taxes from employees' pay to cover costs of the system.

What is FICA tax?

On earnings, the FICA tax includes a 6.2 percent Social Security tax and a 1.45 percent Medicare tax. Only the first $142,800 in earnings are subject to Social Security tax in 2021.

Earnings exceeding $200,000 for single filers/$250,000 for joint filers may be subject to a 0.9 percent Medicare tax.

Thus, it is FICA tax.

For more details about FICA tax, click here:

https://brainly.com/question/2141612

#SPJ1

Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.