FICA is a payroll tax imposed on employers and workers that is used to fund Social Security and Medicare. Which of the following statements regarding the tax is true?
A) Most economists believe the burden of the tax falls almost entirely on workers.
B) Congress wanted the burden of the tax to be greater for employers than for workers.
C) Most economists believe the burden of the tax falls mostly on employers.
D) Employers are required to pay a greater share of the tax than workers but most economists believe the burden of the tax is shared equally.
A
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When tastes are quasilinear in leisure, which of the following is true:
A. The wage elasticity of labor supply is zero. B. The wage elasticity of labor supply is positive. C. The wage elasticity of labor supply is negative. D. The wage elasticity of demand is negative. E. Both (a) and (d). F. Both (b) and (d). G. Both (c) and (d).
Describe how changes in expected inflation impact an economy in the wake of a temporary negative supply shock
What will be an ideal response?
_____ is the decline in value over time of capital equipment
a. Bracket creep b. Inflation c. Depreciation d. Diminishing productivity
If AVC is subtracted from the ATC, the result is: a. economic profit
b. accounting profit. c. average fixed cost. d. marginal cost.