For 2017,the Maximum Base for the Social Security Portion of the FICA

question 23

Multiple Choice

For 2017,the maximum base for the Social Security portion of the FICA tax is:

• A)$118,500
• B)$127,200
• C)$119,900
• D)$125,000
• E)None of the above

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Definitions:

Balance Sheet

A statement that illustrates a corporation's liabilities, assets, and shareholders' capital at a specified point in time.

Other Assets

Assets not fitting into the standard categories like current or fixed assets, often including long-term investments, patents, or deposits.

Assets Sold

Items of value or resources owned by a company that have been disposed of or sold to another party.

Deficit

Amount by which net income falls short of salary and interest allowance. Also an abnormal, or debit, balance in a partner’s capital account.