Identify the statement below that is not true regarding social security tax. A)Social security is sometimes referred to as FICA. B)In any given year, there is no limit on the amount of wages subject to social security tax. C)Both the employee and the employer pay an equal amount of social security tax on the employee's wages. D)The social security tax provides benefits for retirement as well as worker disability.

Question

Quizplus · Accepted Answer

In any given year, there is a limit on the amount of wages subject to social security tax. This limit is adjusted annually and is referred to as the "Social Security Wage Base." As of 2021, the wage base is $142,800, meaning that any wages earned above this amount are not subject to social security tax for the year.

Identify the Statement Below That Is not True Regarding Social