Payroll tax cap - Study guides, Class notes & Summaries
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RPA1 Exam 2023 Questions and Answers
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Registered Pension Plan - Answer- refers to an arrangement offered by an employer or union to provide retirement benefits to plan members in the form of periodic payments during retirement. 
 
Defined benefit (DB) pension plan - Answer- refers to a registered pension plan that provides benefits based on the plan member's years of service and earnings. 
 
Defined contribution (DC) pension plan - Answer- refers to a registered pension plan that provides benefits based on the amount accumulated in...
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AARP Exam Questions with Correct Answers
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AARP Exam Questions with Correct Answers 
Increase Payroll Tax Cap - Answer-The Social Security payroll tax currently applies to annual earnings up to $118,500. Any wages earned above $118,500 go untaxed for Social Security. This cap generally increases every year as the national average wage increases. Today, the cap covers about 84 percent of total earnings in the nation. Raising the cap to cover a higher percent of total earnings would help close Social Security's funding gap. This would me...
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Payroll Exam 2024/2025 with 100% correct answers
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What is FICA? correct answers-Federal Insurance Contributions Act 
-Made up of social security and medicare 
-levies taxes on all employees (even self-employed) 
 
2020 Social Security Tax Rate correct answers6.2% of the first $137,700 in wages. Both employee and employer is 6.2%. Not subject to social security taxes if wages exceed this amount. 
 
This amount is DOUBLED for those who are self employed, 12.4% 
 
Medicare tax rate correct answers1.45% no cap (no wage limit on this tax) 
2.9% for ...
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AARP PRACTICE EXAM QUESTIONS AND ANSWERS
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AARP PRACTICE EXAM QUESTIONS AND ANSWERS 
 
Increase Payroll Tax Cap - answer The Social Security payroll tax currently applies to annual earnings up to $118,500. Any wages earned above $118,500 go untaxed for Social Security. This cap generally increases every year as the national average wage increases. Today, the cap covers about 84 percent of total earnings in the nation. Raising the cap to cover a higher percent of total earnings would help close Social Security's funding gap. This would m...
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AARP (100% Errorless)
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Increase Payroll Tax Cap correct answers The Social Security payroll tax currently applies to annual earnings up to $118,500. Any wages earned above $118,500 go untaxed for Social Security. This cap generally increases every year as the national average wage increases. Today, the cap covers about 84 percent of total earnings in the nation. Raising the cap to cover a higher percent of total earnings would help close Social Security's funding gap. This would mean any employee earning more than th...
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AARP Latest 2023 Already Graded A
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AARP Latest 2023 Already Graded A Increase Payroll Tax Cap The Social Security payroll tax currently applies to annual earnings up to $118,500. Any wages earned above $118,500 go untaxed for Social Security. This cap generally increases every year as the national average wage increases. Today, the cap covers about 84 percent of total earnings in the nation. Raising the cap to cover a higher percent of total earnings would help close Social Security's funding gap. This would mean any employee ea...
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UGBA 135 final exam
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What's the rule of 72? - Answer- How long it takes for a sum of money to double at a given interest rate 72/interest rate = # of years to double OR 72/# of years to double = interest rate 
 
What's a general partner? - Answer- A general partner has the authority to act on behalf of the business without the knowledge or permission of the other partners. Unlike a limited or silent partner, the general partner may have unlimited liability for the debts of the business. 
 
T/F f you start a busine...
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Certified Payroll Professional Exam (CPP) Part 2|95 Questions with Verified Answers,100% CORRECT
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Certified Payroll Professional Exam (CPP) Part 2|95 Questions with Verified Answers 
 
Topic - CORRECT ANSWER Definition 
 
Knowledge of workers' compensation regulations - CORRECT ANSWER 
 
Knowledge of federal tax levy requirements - CORRECT ANSWER 
 
Knowledge of wage attachment/garnishment rules (e.g., Consumer Credit Protection Act - Bankruptcy) - CORRECT ANSWER 
 
Knowledge of child support withholding order regulations - CORRECT ANSWER 
 
Knowledge of medical support order regulation...
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Payroll Exam 80 Questions with Verified Answers,100% CORRECT
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Payroll Exam 80 Questions with Verified Answers 
 
What is FICA? - CORRECT ANSWER -Federal Insurance Contributions Act 
-Made up of social security and medicare 
-levies taxes on all employees (even self-employed) 
 
2020 Social Security Tax Rate - CORRECT ANSWER 6.2% of the first $137,700 in wages. Both employee and employer is 6.2%. Not subject to social security taxes if wages exceed this amount. 
 
This amount is DOUBLED for those who are self employed, 12.4% 
 
Medicare tax rate - CORRECT A...
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AARP PRACTICE EXAM QUESTIONS AND ANSWERS
- Exam (elaborations) • 6 pages • 2023
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Increase Payroll Tax Cap 
The Social Security payroll tax currently applies to annual earnings up to $118,500. Any wages earned above $118,500 go untaxed for Social Security. This cap generally increases every year as the national average wage increases. Today, the cap covers about 84 percent of total earnings in the nation. Raising the cap to cover a higher percent of total earnings would help close Social Security's funding gap. This would mean any employee earning more than the current tax c...
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