Workers and Employers Bear an Equal Burden from the FICA

question 161

True/False

Workers and employers bear an equal burden from the FICA tax.

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Definitions:

Reliable Estimate

A calculation or assessment regarding figures or outcomes that is deemed dependable based on available evidence.

Contingent Liability

A contingent liability is a potential financial obligation that may arise depending on the outcome of an uncertain future event.

Accrual

A bookkeeping approach that logs income and expenditures at the time they occur, irrespective of the timing of actual cash transactions.

Financial Statement

A formal record of the financial activities and position of a business, person, or other entity, presenting the financial results and health of the entity.