Which of the Following Is True Regarding FICA Taxes

question 54

Multiple Choice

Which of the following is true regarding FICA taxes?

• A)FICA taxes are paid only by the employee.
• B)FICA taxes are paid only by the employer.
• C)FICA taxes are paid in equal amounts by the employee and the employer.
• D)FICA taxes are paid in different amounts by the employee and the employer.

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Definitions:

Transferability of Ownership

The capability to legally transfer the title or ownership of an asset or property from one entity to another.

Sole Proprietorship

A business structure in which a single individual owns and operates the business, bearing sole responsibility for its debts and obligations.

Corporation

A legal entity owned by stockholders whose liability is limited to the value of their stock ownership.

Partnership

A firm with multiple owners who share the profits and bear unlimited liability for the firm’s losses and debts.