Employees Are Allowed to Deduct a Portion of the FICA

question 85

True/False

Employees are allowed to deduct a portion of the FICA taxes they pay.

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Definitions:

Articles Of Incorporation

The document filed with a governmental body to legally document the creation of a corporation.

Corporation

A legal entity that is separate and distinct from its owners, characterized by limited liability, perpetual succession, and ease of transferability of ownership interests.

Document

A written, drawn, presented, or memorialized representation of thought, often serving as legal evidence.

Treasury Stock

Shares of a company's own stock that it has reacquired from shareholders but not retired, often held to reissue for acquisitions or to resell to the public.