Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

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

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.