The Ceiling Amounts and Percentages for 2012 for the Two

question 7

Multiple Choice

The ceiling amounts and percentages for 2012 for the two portions of the self-employment tax are: Social Security portion Medicare portion

• A)$110,100; 13.3% Unlimited; 2.9%
• B)$110,100; 12.4% Unlimited; 2.9%
• C)$110,100; 10.4% Unlimited; 2.9%
• D)$110,100; 10.4% Unlimited; 13.3%
• E)None of the above.

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Definitions:

Transaction

Any business event that generates data worth capturing and storing in a database.

Knowledge

Information, understanding, and skills acquired through experience or education; the theoretical or practical understanding of a subject.

Wisdom

The quality of having experience, knowledge, and good judgment.

TPS

Transaction Processing System; a type of information system that collects, stores, modifies, and retrieves the transactions of an organization.