A Characteristic of FICA Is That

question 24

Multiple Choice

A characteristic of FICA is that:

• A)It applies when one spouse works for the other spouse.
• B)It is imposed only on the employer.
• C)It provides a modest source of income in the event of loss of employment.
• D)It is administered by both state and Federal governments.
• E)None of the above.

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Definitions:

Managing Finances

The practice of handling monetary resources efficiently, including budgeting, investing, and saving.

Adequate Cash Flow

The level of cash inflow that is sufficient to cover the outflow necessities for a business to operate smoothly and meet its financial obligations.

Home Based

Pertaining to businesses or activities that are operated out of a person's residence, rather than from an external office or commercial establishment.

Small Business Administration

A U.S. government agency designed to support and assist small businesses through funding, training, and advisory services.