Which of the following statements about the FICA tax is not true? a. The income amount subject to the Social Security portion of FICA tax has increased significantly over the years. b. No FICA taxes are required to be paid by employees or employers in 2020 due to COVID c. The FICA tax is composed of two parts, Social Security and Medicare. xd. Self-employed individuals pay self-employment taxes. Oe. Wages subject to FICA tax that are received by a self-employed individual reduce the individual's maximum Social Security tax base.
Which of the following statements about the FICA tax is not true? a. The income amount subject to the Social Security portion of FICA tax has increased significantly over the years. b. No FICA taxes are required to be paid by employees or employers in 2020 due to COVID c. The FICA tax is composed of two parts, Social Security and Medicare. xd. Self-employed individuals pay self-employment taxes. Oe. Wages subject to FICA tax that are received by a self-employed individual reduce the individual's maximum Social Security tax base.
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 1CPA
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Transcribed Image Text:Which of the following statements about the FICA tax is not true?
a. The income amount subject to the Social Security portion of FICA tax has increased significantly over the years.
b. No FICA taxes are required to be paid by employees or employers in 2020 due to COVID
c. The FICA tax is composed of two parts, Social Security and Medicare.
xd. Self-employed individuals pay self-employment taxes.
Oe. Wages subject to FICA tax that are received by a self-employed individual reduce the individual's maximum Social Security tax base.
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