Both Employees and Employers Pay Which of the Following Taxes

question 30

Multiple Choice

Both employees and employers pay which of the following taxes?

• A) FICA taxes (OASDI and Medicare)
• B) FUTA tax
• C) Federal income tax
• D) Workers' Compensation

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Definitions:

Consideration

Consideration in law refers to something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Gift

A voluntary transfer of property made without consideration, past or present.

Accession

The act of acquiring or adding something, especially to property or land, through natural means or as a result of the owner's actions.

Property Owner

An individual or entity that legally owns land or real estate.