1. TASK: Insert the appropriate word in the text below:
applies - apply - covered - employer - filing
period - survivors - withholding - threshold
under - wage - subject - rate - in excess
Taxes ________ the Federal Insurance Contributions Act (FICA) are composed of the old-age, ________, and disability insurance taxes, also known as social security taxes, and the hospital insurance tax, also known as Medicare taxes. Different rates ________ for these taxes.
Social Security and Medicare Withholding Rates
The current tax ________ for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the ________ and 1.45% for the employee, or 2.9% total.
Additional Medicare Tax Withholding Rate
Additional Medicare Tax ________ to an individual's Medicare wages that exceed a ________ amount based on the taxpayer's ________ status. Employers are responsible for ________ the 0.9% Additional Medicare Tax on an individual's wages paid ________ of $200,000 in a calendar year, without regard to filing status. An employer is required to begin withholding Additional Medicare Tax in the pay ________ in which it pays wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year.
Wage Base Limits
Only the social security tax has a ________ base limit. The wage base limit is the maximum wage that's ________ to the tax for that year. For earnings in 2017, this base is $127,200.
There's no wage base limit for Medicare tax. All ________ wages are subject to Medicare tax.
2. CHECK YOUR SPEAKING
|
applies |
[ əˈplaɪ ] |
застосовуватися |
|
apply |
[ əˈplaɪ ] |
застосовувати |
|
covered |
[ ˈkʌvəd ] |
покриватися |
|
employer |
[ ɪmˈplɔɪə(r) ] |
роботодавець |
|
filing |
[ ˈfaɪ.lɪŋ ] |
здача звіту в податкову |
|
in excess |
[ ɪn ɪkˈses ] |
в перевищенні |
|
period |
[ ˈpɪəriəd ] |
період |
|
rate |
[ reɪt ] |
ставка |
|
subject |
[ ˈsʌbdʒɪkt ] |
підлягати |
|
survivors |
[ səˈvaɪ.vər ] |
ті, що вижили |
|
threshold |
[ ˈθreʃ.həʊld ] |
порогове значення |
|
under |
[ ˈʌndə(r) ] |
під, в рамках |
|
wage |
[ weɪdʒ ] |
зарплата |
|
withholding |
[ wɪðˈhəʊld ] |
утримання |
3. SEE CORRECT ANSWER
Taxes under the Federal Insurance Contributions Act (FICA) are composed of the old-age, survivors, and disability insurance taxes, also known as social security taxes, and the hospital insurance tax, also known as Medicare taxes. Different rates apply for these taxes.
Social Security and Medicare Withholding Rates
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
Additional Medicare Tax Withholding Rate
Additional Medicare Tax applies to an individual's Medicare wages that exceed a threshold amount based on the taxpayer's filing status. Employers are responsible for withholding the 0.9% Additional Medicare Tax on an individual's wages paid in excess of $200,000 in a calendar year, without regard to filing status. An employer is required to begin withholding Additional Medicare Tax in the pay period in which it pays wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year.
Wage Base Limits
Only the social security tax has a wage base limit. The wage base limit is the maximum wage that's subject to the tax for that year. For earnings in 2017, this base is $127,200.
There's no wage base limit for Medicare tax. All covered wages are subject to Medicare tax.
Цей та багато інших цікавих матеріалів Ви знайдете
в підручнику “Practical Financial English”
Докладніше про книгу та її замовлення див. тут >>>
Переглянути нову термінологію і пройти інші тести можна тут >>>
Тренуйте навички фінансової англійської тут >>>