FICA Taxes Include Two Components,which Consist of

question 31

Multiple Choice

FICA taxes include two components,which consist of

• A)accident and disability insurance.
• B)unemployment compensation and disability insurance.
• C)retirement and Medicare contributions.
• D)old age and unemployment compensation.

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Definitions:

Association

A group of individuals who voluntarily come together to achieve a common purpose, often structured as a legal entity.

Causation

A relationship between two events where one event is affected by the occurrence of the other event.

Limited Resources

Refers to the finite availability of goods and inputs, such as labor, raw materials, and capital, which are used to produce economic outputs.

Unlimited Wants

The economic concept that humans have insatiable desires for goods and services, which exceeds the resources available to satisfy them.