Question

In: Accounting

1. Employers are required to withhold Medicare taxes on only the first $200,000 of Medicare wages....

1. Employers are required to withhold Medicare taxes on only the first $200,000 of Medicare wages. True False

2. For 2018, the maximum penalty for failing to comply with the ACA mandate on any taxpayer's tax return is $695.

True

False

Solutions

Expert Solution

1
False, Employers are required to withhold Medicare taxes on all of wages.
There is no wage limit for for withholding Medicare taxes.
2
False, For 2018, the maximum penalty for failing to comply with the ACA mandate on any taxpayer's tax return is $695 or 2.5% of household income, whichever is greater.

ekkarill92 answered 1 year ago
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