BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of these are “federal taxes” we’ve discussed?
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Federal income tax alone
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Federal income tax and FICA
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State income tax and FICA
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State income tax alone
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Explanation:
Detailed explanation-1: -Your earned income (salary or wages) is subject to FICA (federal insurance contributions act) taxes that fund Social Security and Medicare.
Detailed explanation-2: -Federal, state and municipal taxes are the three main types of taxes in the US. The amount of tax that must be paid or withheld is calculated by combining these layers.
Detailed explanation-3: -What Is the Difference Between Federal and State Income Taxes? Federal income taxes are collected by the federal government, while state income taxes are collected by the individual state(s) where a taxpayer lives and earns income.
There is 1 question to complete.