When Comparing Individuals' Wages,differences in Their Levels of Education and Training

question 97

Multiple Choice

When comparing individuals' wages,differences in their levels of education and training

• A) can completely explain the existence of income inequality.
• B) can completely explain why some individuals are more productive than others.
• C) have no bearing on why some individuals are drawn to certain occupations.
• D) can partially explain why some individuals earn higher wages than others.
• E) have no bearing on income mobility.

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Definitions:

W-3 Transmittal Form

A tax document used in the U.S. to summarize the total earnings, Social Security wages, Medicare wages, and withholding for all employees for a year, accompanying the W-2 forms sent to the IRS.

Correct TIN

Refers to ensuring the accuracy of a Taxpayer Identification Number, which is necessary for tax reporting and compliance purposes.

W-9

An IRS form used by individuals to provide their taxpayer identification number to entities that will pay them income during the tax year.

FUTA Taxes

Federal Unemployment Tax Act taxes that employers pay to help fund state workforce agencies.