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1.
The federal tax rate you pay will vary depending on your age.
False. It varies depending on your filing status.
2.
Employers must report and deposit payroll taxes directly with the federal government themselves.
False. They can have payroll companies do it for them.
3.
The purpose of the W-4 form that you fill out when starting a new job is to determine _______.
How much should be withheld from your paycheck for federal income taxes. The W-4 helps you and your employer avoid overpaying or underpaying throughout the year.
4.
Only employees pay Social Security taxes on their earnings.
False. Employers pay the same amount on behalf of their employees, according to how much the employees pay.
5.
Federal and state unemployment taxes are paid by _______.