Question

In: Accounting

Which of the following statements is not correct?

Which of the following statements is not correct?

Group of answer choices

The amount of social security tax withheld depends on an employee's gross earnings, marital status, and number of withholding allowances.

Federal law requires that social security, Medicare, and federal income taxes be deducted from the gross pay of most employees.

Medicare taxes are levied in an equal amount on both employers and employees.

Once an employee's year-to-date wages reach a certain amount prescribed by law, social security tax is no longer withheld.

Solutions

Expert Solution

The amount of social security tax withheld depends on an employee's gross earnings, marital status, and number of withholding allowances is not correct
The amount of social security tax withheld depends only on an employee's gross earnings. Once the employee's year-to-date wages reach a certain amount prescribed by law, social security tax is no longer withheld.
Medicare taxes are levied on all earnings in an equal amount on both employers and employees.
Deductions from gross pay of most employees include social security, Medicare, and federal income taxes.
Option A should be selected.

ekkarill92 answered 2 years ago
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