How is Social Security awarded in the U.S.?
What will be an ideal response?
The federal Social Security system provides limited retirement and death benefits to certain employees and their dependents. The Social Security system is administered by the Social Security Administration. Social Security benefits include 1. retirement benefits, 2. survivors' benefits to family members of deceased workers, 3 . disability benefits, and 4. medical and hospitalization benefits. Under the Federal Insurance Contributions Act (FICA), employees must make contributions (i.e., pay taxes) into the Social Security fund. An employee's employer must pay a matching amount. Social Security does not operate like a savings account. Instead, current contributions are used to fund current claims. The employer is responsible for deducting employees' portions from their wages and remitting the entire payment to the Internal Revenue Service (IRS). Under the Self-Employment Contributions Act, self-employed individuals must pay Social Security contributions, too. The amount of tax self-employed individuals must pay is equal to the combined employer-employee amount.
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Nice International originally issued 105,000 shares of common stock at a price of $22 per share
A year later, it distributed a 12% stock dividend to shareholders. At the time of the stock dividend, the share price had increased to $27 per share. Which of the following statements is true? A) Nice will record sales revenues of $277,200. B) Nice will record a loss of $63,000. C) Nice will record a gain of $63,000. D) Nice will record neither a gain nor a loss.
On July 31, 2017, Archer, Inc reported the following information in the equity section of their balance sheet
Stockholders' Equity: Common Stock, $1.00 par, 500,000 shares authorized, 20,000 shares issued and outstanding $20,000 Paid-In Capital in Excess of Par-Common 1,180,000 Retained Earnings 3,200,000 Total Stockholder's Equity $4,400,000 Assume that Archer splits its common stock 3-for-1. Prepare an equity section of the balance sheet that shows the effects of the stock split. (Please round all numbers to the nearest cent.) What will be an ideal response