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Planning Beginner: Understanding Your Payroll Taxes

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1.
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.
2.
Income tax filing statuses include _______.
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All of the above. There are several statuses that determine your rate.
3.
Payroll taxes include _______.
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All of the above. These are all taken out of an employee's payroll.
4.
Everyone will have to pay Social Security tax on all their income, no matter how much it is.
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False. The amount of earnings one must pay tax on is capped, though it usually changes every year.
5.
There is one federal income tax rate that all taxpayers pay.
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False. As you earn more money, your rate increases.