Art Panache, the Sole Employee of Panache Sales, Has Gross

question 96

True/False

Art Panache, the sole employee of Panache Sales, has gross salary for March of $5,000. The entire amount is under the OASDI limit of $110,100, and thus subject to FICA. The total amount of employee FICA tax is $565. (Assume a FICA-OASDI Tax of 4.2% and FICA-Medicare Tax of 1.45%.)

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Definitions:

Sex Glands

Organs that produce sex hormones and gametes, such as ovaries in females and testes in males.

Cortisol

A steroid hormone released in response to stress and low blood-glucose concentration, involved in metabolism and immune response.

General Adaptation Syndrome

A three-phase response model to stress that includes alarm, resistance, and exhaustion stages, proposed by Hans Selye.

Exhaustion

A state of extreme physical or mental fatigue, often resulting from prolonged stress or overwork.