[answered] Mark the correct answer. FICA taxes are:65% of all earned i

please see atatchment which is include tax questions

Mark the correct answer. FICA taxes are:

 

a. 7.65% of all earned income with no limitations

 

b. 7.65% of earned income up to $150,000

 

c. Paid 50% by the employer

 

d. Not subject to cost of living adjustments each year In determining an employee's FICA tax to be withheld, the maximum amount of wages subject to

 

FICA must be reduced by the taxpayer's self-employment earnings.

 

True

 

False The original copy of all W-2 Forms and Form W-3 must be filed with the Social Security

 

Administration by February 28 of the year following the calendar year in which the wages were

 

paid, regardless of the tax year of the employer.

 

True

 

False

 

Employees with self-employment income who also have W-2 income may be able to avoid

 

making estimated tax payments by filing a new Form W-4 and increasing the amount of their

 

withholding.

 

True

 

False

 

Household employers are not required to pay FICA taxes on part-time household employees.

 

True

 

False

 

If an individual taxpayer's quarterly estimated tax payments equal or exceed 70% of the tax due

 

for the current year, the taxpayer will not be subject to the penalty for underpayment of estimated

 

tax.

 

True

 

False

 

Gambling winnings must be reported to the IRS, but withholding of taxes on winnings is never

 

required. True

 

False

 

Household employers are not required to pay FICA taxes on cash payments of less than $1,400

 

paid to any household employee in a calendar year.

 

True

 

False Employers must provide employees with their Form W-2's by February 15th of the year

 

following the calendar year of payment of the wages.

 

True

 

False

 

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