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The Old Age, Survivors, and Disability Insurance Portion of FICA

question 125

True/False

The old age, survivors, and disability insurance portion of FICA taxes is imposed on all of an individual employee's earnings.

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Definitions:

Risk

The probability or threat of damage, injury, liability, loss, or any other negative occurrence, potentially caused by external or internal vulnerabilities, and that may be mitigated through preventive actions.

Sale of Goods Transaction

A commercial activity involving the transfer of ownership of tangible personal property from a seller to a buyer for a price.

Bill of Exchange

A written, unconditional order by one party directing another party to pay a specified sum of money to a third party at a specified time.

Pay Money

The act of giving a certain amount of currency or financial value in exchange for goods or services.

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