The Ceiling Amounts and Percentages for 2019 for the Two $\begin{array} { l c } { \text { SocialSecurityPortion } } & \text { MedicarePortion } \\\end{array}$

question 74

Short Answer

The ceiling amounts and percentages for 2019 for the two portions of the self-employment tax are: $\begin{array} { l c } { \text { SocialSecurityPortion } } & \text { MedicarePortion } \\\end{array}$
a. $\begin{array}{llcc}\quad\$ 132,900 ; 12.4 \% & \quad\text { Unlimited; } 2.9 \%\end{array}$

b. $\begin{array}{llcc}\quad\$ 132,900 ; 15.3 \% &\quad \text { Unlimited; } 2.9 \%\end{array}$

c. $\begin{array}{llcc}\quad\$ 128,400 ; 12.4 \% &\quad \text { Unlimited; } 2.9 \% \end{array}$

d. $\begin{array}{llcc}\quad \$ 128,400 ; 2.9 \% &\quad \text { Unlimited; } 13.3 \%\end{array}$

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Definitions:

Materials Purchases

involves the acquisition of raw materials required for the production process, an essential part of managing manufacturing inputs.

Cash Collections

The process of gathering all cash received from sales, services, or other business activities.

Production Budget

An estimate of the total output, costs, and resources required for production within a specific period to meet forecasted demand.

Cash Receipts

Cash inflows or money received by a business from various sources, including sales, investments, and financing activities.