BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This is a percentage of earnings that is taken out of ones paycheck.
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Liberty Tax
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Security Tax
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Income Tax
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None of the above
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Explanation:
Detailed explanation-1: -Employer Pays Withhold half of the total 15.3% from the employee’s paycheck (7.65% = 6.2% for Social Security plus 1.45% for Medicare). The other half of FICA taxes is owed by you, the employer. For a hypothetical employee, with $1, 500 in weekly pay, the calculation is $1, 500 x 7.65% (.0765) for a total of $114.75.
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