If the Employee Has $700 Withheld from Their Check for FICA-OASDI

question 53

Multiple Choice

If the employee has $700 withheld from their check for FICA-OASDI, what is the amount that the employer would need to pay?

• A) $700
• B) $190
• C) $0
• D) $510

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Definitions:

Illusory Promises

Statements or promises that appear to assure performance or commitment but, due to vague or conditional terms, do not actually bind the promisor to any action.

Forbearance

A temporary postponement of mortgage payments granted by a lender or creditor in lieu of forcing the property into foreclosure, allowing the borrower time to catch up on payments.

Breach of Contract

A violation of the terms or conditions as stated in a contract, which may result in legal action or penalties against the party at fault.

Fair Market Value

The price at which property would sell for on the open market between a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts.