In Describing FICA Taxes, Which (If Any) of the Following

question 83

Multiple Choice

In describing FICA taxes, which (if any) of the following statements is incorrect?

• A)The base amounts for 2013 probably will increase from the 2012 amounts.
• B)The base amounts for the Social Security and Medicare portions are the same.
• C)If both spouses work, excess FICA taxes need not result.
• D)Excess FICA taxes can be claimed as an income tax credit.
• E)None of the above.

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Definitions:

Marital Dissolution

The process of ending a marriage through legal divorce or separation.

Prenuptial Agreements

Legal contracts signed before marriage, outlining the division of assets in case of divorce.

Young Adults

Individuals in the age group typically ranging from 18 to 25 years old, often characterized by transitions in education, employment, and personal relationships.

Not Yet Married

A term referring to individuals who have never entered into a legal marriage.