The Truth-In-Lending Act Disclosure Requirements Apply to Written Materials and to Oral

question 23

True/False

The Truth-in-Lending Act disclosure requirements apply to written materials and to oral representations.

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Definitions:

FICA-OASDI Payable

The amount owed by employers and employees for Social Security taxes, as mandated by the Federal Insurance Contributions Act (FICA), specifically for Old Age, Survivors, and Disability Insurance (OASDI).

FICA-Medicare Payable

This refers to the portion of FICA taxes collected from employees' wages and salaries that is allocated to cover Medicare expenses, a mandatory financial obligation for employers.

Federal Income Tax Payable

The amount of income tax a company or individual owes to the federal government, yet to be paid.

FUTA Payable

The amount owed by employers for the Federal Unemployment Tax Act, a federal tax used to help fund state workforce agencies.