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1.
The federal tax rate you pay will vary depending on your age.
Choose wisely. There is only one correct answer.
False. It varies depending on your filing status.
2.
Everyone will have to pay Social Security tax on all their income, no matter how much it is.
Choose wisely. There is only one correct answer.
False. The amount of earnings one must pay tax on is capped, though it usually changes every year.
3.
Employers who withhold and pay more than $50,000 in payroll taxes must report and deposit those taxes _______.
Choose wisely. There is only one correct answer.
Semi-weekly. As a rule, the more you withhold, the more frequently you must report and deposit it.
4.
Medicare taxes fund health coverage for people over age 65.
Choose wisely. There is only one correct answer.
True. Medicare is a government-run health program.
5.
Federal and state unemployment taxes are paid by _______.
Choose wisely. There is only one correct answer.
Employers. Employees do not contribute to them.