The Internal Revenue Service Is Part of the

question 103

Multiple Choice

The Internal Revenue Service is part of the

• A) Treasury Department.
• B) Federal Bureau of Investigation.
• C) U.S. Customs Department.
• D) Congress.

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Definitions:

Gross Pay

The total amount of an employee's earnings before any deductions or taxes are applied.

Federal Income Tax

The federal government's imposition of a financial charge on the yearly profits of individuals, corporations, trusts, and different legal organizations.

FICA Base Limit

The maximum amount of earnings subject to the Social Security portion of the Federal Insurance Contributions Act tax in a given year.

FICA-OASDI

Federal Insurance Contributions Act - Old Age, Survivors And Disability Insurance, a U.S. payroll tax funding Social Security and Medicare.