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Planning Beginner: Understanding Your Payroll Taxes

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1.
Social Security is a federally sponsored _______.
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Retirement and disability income program, but not a health insurance program. Medicare is a health insurance program, but Social Security is not.
2.
Payroll taxes include _______.
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All of the above. These are all taken out of an employee's payroll.
3.
Employers must report and deposit payroll taxes directly with the federal government themselves.
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False. They can have payroll companies do it for them.
4.
There is one federal income tax rate that all taxpayers pay.
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False. As you earn more money, your rate increases.
5.
The federal tax rate you pay will vary depending on your age.
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False. It varies depending on your filing status.