Which of the following is true about Social Security and Medicare taxes as they pertain to...

Which of the following is true about Social Security and Medicare taxes as they pertain to earnings limits? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Once an employee's year-to-date earnings exceed the wage base, no additional Social Security tax is withheld.unanswered
Employers contribute equally on all Social Security and Medicare taxes.unanswered
Employees who earn more than $200,000 annually are subject to additional Medicare tax withholding.unanswered
Social Security tax applies to all earnings, regardless of year-to-date amounts.

Solutions

Expert Solution

The correct statement about Social Security and Medicare taxes as they pertain to earnings limits are:

Once an employee's year-to-date earnings exceed the wage base, no additional Social Security tax is withheld

Employees who earn more than $200,000 annually are subject to additional Medicare tax withholding

ekkarill92 answered 2 years ago

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