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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Diminishing marginal returns lead to diminishing returns
A) when marginal returns fall but remain positive. B) only in theory. C) when marginal returns become negative. D) when labor exceeds capital.
Two factories make wooden chairs. If the workers in factory A make each chair from start to finish and the workers in factory B divide labor, one would assume
A) the chairs in factory A are of higher quality. B) the workers in factory B have more job satisfaction. C) factory B can take advantage of division of labor and produce more efficiently. D) factory A can take advantage of division of labor and produce more efficiently.