Which Statement Regarding FIPS Is True

question 30

Multiple Choice

Which statement regarding FIPS is true?

• A)FIPS are only recommendations,not law.
• B)FIPS originated from the Department of Justice.
• C)FIPS has been ineffective in shaping privacy policies.
• D)FIPS was established after the 9/11 terrorist attacks.

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Definitions:

Income Tax Withholding

The process by which employers deduct a portion of employees' wages to pay directly to the government as prepayment for the employees' income tax liabilities.

Tax Liability

The total amount of tax owed by an individual, corporation, or other entity to a taxing authority, after deductions, credits, and exemptions.

Administrative Source

Information collected and maintained as part of the operations of administrative systems or organizations, often used for research or policy development.

Tax Law

The legal domain encompassing rules, policies, and laws that oversee the tax process, which includes charges on estates, transactions, property, income, licenses, and more.