Question

Look up the current 2020 caps for social Security and Medicare? What are they for each 

-Which tax provides for medical benefits? 
A. FICA tax
B. Federal income tax
C. Social Security tax
D. Medicare tax

-Employers use the information on Form W-4 to compute income tax withholding. Net pay 
A. is more than gross pay.
B. is also known as take-home pay.
C. is gross pay minus 7.65%.
D. depends on how much the employee wants to pay in Social Security taxes

-Who completes a W4 form and when does one fill it out? 

Answer 1

1.) Medical Benefits :-

The Correct Answer is (D) - Medicare Tax

Medicare Tax is a Tax which provides the medical benefits to workers, retired workers and their spouses when they reaches the age of 65.

2.) Net Pay :-

The correct answer (B) - is also known as take home pay

Net pay is a pay which is also known as take home pay. Net pay is less than Gross pay And it is calculated by ( Gross pay - 7.65%) and deducted by income tax and withholding Tax as well.

3.) The completion of W-4 Form :-

W-4 Form is also known as employee's withholding Allowance Certificate. It is an internal revenue tax service form completed by employees in the united states to indicate his or her tax situation to employer.

4.) To Fill the w-4 form :-

The W-4 Form fill by employees about the tax situation in April. In April the employees are liable to pay the Tax amount.