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.
Solution
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.
True or False The Congressional Budget Office projects that approxi.pdf
1. 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.
Solution
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
