Question

True or False? The Congressional Budget Office projects that approximately 33.8% of the 2017 federal government tax receipts will come from social insurance taxes (Social Security, Medicare, FUTA, etc.).

  

13. True or False? Self-employed individuals are exempt from social insurance taxes (Social Security, Medicare, FUTA, etc.).

  

14.   True or False? Once an individual reaches a certain level of year-to-date income, he/she can stop paying Social Security tax.

  

15.   True or False? Under the Fair Labor Standards act, nonexempt employees are entitled to overtime pay for work in excess of 40 hours per week.

Answer 1

12.False,the social insurance tax was 24% of Congressional Budget of 2017 Fedral Government Tax.

13.False,self employed individuals have to pay social insurance taxes(social security,medicare,FUTA,etc)

14.True, once a person reaches a certain level of income he no need to pay that mandatory contribution towards social security taxes

15.True, non exempt employees are entitled to overtime if they had work in excess of 40 hours of work per week as per Fair Labor Sandard Act