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Planning Beginner:
Understanding Your Payroll Taxes
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Choose wisely. There is only one correct answer to each question.
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1.
If you fail to have sufficient payroll taxes withheld from your paycheck, the IRS may impose _______.
Choose wisely. There is only one correct answer.
Interest charges
Penalties
Interest and penalties
None of the above
Interest and penalties. Even if an employer is negligent in withholding enough from your paycheck, you could be held liable.
2.
Federal and state unemployment taxes are paid by _______.
Choose wisely. There is only one correct answer.
Employees
Employers
Both employees and employers
Neither employees nor employers
Employers. Employees do not contribute to them.
3.
The federal tax rate you pay will vary depending on your age.
Choose wisely. There is only one correct answer.
True
False
False. It varies depending on your filing status.
4.
Only employees pay Social Security taxes on their earnings.
Choose wisely. There is only one correct answer.
True
False
False. Employers pay the same amount on behalf of their employees, according to how much the employees pay.
5.
Medicare taxes fund health coverage for people over age 65.
Choose wisely. There is only one correct answer.
True
False
True. Medicare is a government-run health program.
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