Identify the Statement Below That Is False

question 114

Multiple Choice

Identify the statement below that is false.

• A)If an employer is not required to withhold income taxes from an employee's wages,the wages are not taxable to the employee.
• B)In certain situations,income tax withholding by an employer is voluntary.
• C)For 2014,an employer must deposit with the government an amount of FICA tax that is twice the amount withheld from the employee's salary (i.e. ,the employee's and employer's shares).
• D)If an excess amount of FICA has been withheld for an employee because the employee has multiple jobs,the employee may claim a credit for the excess amount withheld on his or her income tax return.
• E)None of these.

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Definitions:

Public Debt

The total amount owed by the federal government to the owners of government securities; equal to the sum of past government budget deficits less government budget surpluses.

Regulatory Capture

A situation where regulatory agencies are dominantly influenced by the industries they are charged with regulating, often leading to biased decisions favoring industry.

Government Agency

A permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an agency of the federal or state government.

Influenced

The capacity to have an effect on the character, development, or behavior of someone or something, or the effect itself.