Asked by
Kylee Sanders
on Dec 10, 2024
Verified
Which one of the following is paid by both the employee and company?
A) Federal income taxes
B) State income taxes
C) FICA
D) All the choices are correct
FICA
Refers to the Federal Insurance Contributions Act and represents taxes that are deducted to fund Social Security and Medicare programs in the United States.
Federal Income Taxes
Taxes imposed by the government on the annual income of individuals, corporations, trusts, and other legal entities.
State Income Taxes
Taxes levied by individual states on the income of individuals and businesses within their jurisdiction.
- Comprehend payroll tax responsibilities for both employers and employees.
Verified Answer
HL
Learning Objectives
- Comprehend payroll tax responsibilities for both employers and employees.