Which of the Following Payments Are Not Taxable for FICA

question 16

Multiple Choice

Which of the following payments are not taxable for FICA?

• A)Back-pay awards.
• B)Wage supplements to cover difference between employees' salaries and their military pay.
• C)Dismissal pay.
• D)Difference between employees' regular wages and the amount received for jury duty.
• E)Retroactive wage increase.

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Definitions:

Personal Computers

Electronic devices designed for individual use, capable of executing a set of commands to perform various tasks.

Financial Planning

The process of determining short and long-term financial goals and creating strategies to meet those goals.

ACP

In financial contexts, ACP often stands for "Average Collection Period," representing the average number of days it takes for a company to receive payments from its customers.

Receivables Balance

The cumulative sum of money that customers owe to a business for products supplied or services rendered but not yet compensated for.