QUESTION
Determine whether the following statement is true or false. If the statement is false, make the necessary change(s) to produce a true statement.
In the U.S., FICA (Federal Insurance Contributions Act) tax is paid as a percentage of your gross income from wages only.
ANSWER
A.) False. FICA tax is paid as a percentage of your net income from wages only, after subtracting adjustments, exemptions, and deductions.
B.) False. FICA tax is paid as a percentage of your gross income from all sources.
C.) True. FICA tax is paid as a percentage of your gross income from wages only.
D.) False. FICA tax is paid as a percentage of your net income from all sources after paying all other state and federal taxes.
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