What is the primary difference in tax responsibility between self-employed individuals and employees?
Self Employment and Payroll Taxes - Explained

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Business, Social Studies
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University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Self-employed individuals pay no taxes.
Employees pay all taxes themselves.
Self-employed individuals pay the full FICA taxes themselves.
Employees pay the full FICA taxes themselves.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How are FICA taxes typically divided between an employee and their employer?
The employee and employer each pay half.
The employer pays all, and the employee pays none.
The employee pays more than the employer.
The employee pays all, and the employer pays none.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must self-employed individuals do regarding their FICA taxes?
They must pay the entire amount themselves.
They pay only Social Security taxes.
They pay only Medicare taxes.
They pay no FICA taxes.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an additional tax obligation that employers might have beyond payroll taxes?
Sales taxes
Property taxes
Luxury taxes
Federal unemployment taxes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is required of anyone earning income in terms of taxes?
They must pay only state taxes.
They must pay Social Security and Medicare taxes.
They only pay taxes if they are self-employed.
They are exempt from all taxes.
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