Because We Face Scarcity, Every Choice Involves

question 197

Multiple Choice

Because we face scarcity, every choice involves

• A) money.
• B) the question "what."
• C) giving up something for nothing.
• D) an opportunity cost.

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Definitions:

Payroll Tax Withholding

The process by which employers deduct taxes from employees' paychecks to cover income taxes, Social Security, and Medicare obligations.

Monthly Schedule Depositors

Taxpayers who are required to deposit certain types of taxes on a monthly basis.

Semiweekly Schedule Depositors

Employers who are required to deposit employment taxes semiweekly based on the schedule determined by the IRS.

FICA Taxes

Taxes imposed by the Federal Insurance Contributions Act on both employees and employers to fund Social Security and Medicare.