The statements regarding Section 403(b)/TSA plan employee elective deferrals in 2019 is Employee elective deferrals are subject to FICA (Social Security and Medicare) and FUTA (federal unemployment) payroll taxes.
What is FICA?
The federal payroll tax in the United States is called FICA. The Federal Insurance Contributions Act is what it stands for, and it is taken out of every paycheck.
Nine-digit number aids Social Security in accurately recording your self-employment or insured wages.Initiated by the Social Security Administration in 1965, Medicare is a federal health insurance program that is currently managed by the Centers for Medicare and Medicaid Services.
complete question;
Which of these statements regarding Section 403(b)/tax-sheltered annuity (TSA) plan employee elective deferrals in 2022 is CORRECT? A) Individuals age 50 and older can make a maximum additional catch-up contribution of $5,000. B) Employer contributions are subject to FICA (Social Security and Medicare) and federal unemployment (FUTA) payroll taxes. C) The maximum employee elective deferral contribution is $15,000. D) Employee elective deferrals are subject to FICA (Social Security and Medicare) and FUTA (federal unemployment) payroll taxes.