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- The FICA tax is levied on employers, employees, and certain self-employed individuals. Revenue goes to Social Security and Medicare. In 2014, the employee's contribution to the retirement part of the FICA tax was 6.2 percent of the first $117,000 earned in wages and salaries. (Medicare is withheld on all wages and tips.) People with income from interest and dividend payments do not have to pay any Social Security tax on this income. What is the tax structure for the income tax over the income range of $0 to $117,000? O Proportional Tax O Progressive Tax Regressive TaxIncome tax payments are an example of ____.Which tax system impacts more on the rich people, and why does it impacts them more?
- In 2000, the ratio of people age 65 or older to people ages 20 to 64 in Ecocountry was 38,4 %. In the year 2060, this ratio is expected to be 56,8 %. Assuming a pay as-you-go Social Security system, What change in the payroll tax rate between 2000 and 2060 would be needed to maintain the 2000 ratio of benefits to wages? If the tax rate were kept constant, what would happen to the ratio of benefits to wages? What other policies can be used for Social Security Reform?True/False Unemployment benefits are an example of fiscal policy.Which of the following is true about the Federal Insurance Contributions Act? a.It provides early retirement benefits after a worker reaches age 65. b.It provides retirement benefits to workers who become disabled after age 68. c.It provides a health insurance program for workers after age 65. d.It provides free health insurance for the dependents of all workers.
- Your Finance Minister considers making a tax reform. He asks you, as a senior tax administrator, to advise him on the requirements from a good tax system. What would you advise him?←05 Survey Junkie 17 Gmail C https:/Assign W 2 https://highschools.foolproofonline.info/modules/taxes/board13.php YouTube Maps Dashboard - HMH Ed Okay, more Practice Questions: This is: Identify the type of tax for each example. Example 1: You are charged this tax by the federal government on your yearly pay. O Income Tax. O Sales Tax. O Property Tax. O Excise Tax. This is: Example 2: You own a piece of property and receive a tax bill from the state each year. O Income Tax. O Sales Tax. O Property Tax. O Excise Tax. EN Anglais (ats-Unis) E $ 4 0.6.76 Edmen w foolpro Cc X R 5 T Y & 7 F9 8Who prepares and passes the federal budget? The President and Congress State Legislatures The President Congress
- Government spending on programs such as Social Security and Medicare are included under: discretionary spending emergency spending mandatory spending budget revenuesHow do the top two categories of federal employment differ from the top two categories of local and state employment?Discuss why elected government officials continue to spend more money than we have. Relate your discussion to the principal-agent problem.
