Tax Unit Review

For each of the taxes listed, circle who contributes to the tax for the employee. Federal Income Tax:

• Employer

• Employee

• Both Employer & Employee

For each of the taxes listed, circle who contributes to the tax for the employee. Social Security:

• Employer

• Employee

• Both Employer & Employee

For each of the taxes listed, circle who contributes to the tax for the employee. State Income Tax:

• Employer

• Employee

• Both Employer & Employee

For each of the taxes listed, circle who contributes to the tax for the employee. FUTA:

• Employer

• Employee

• Both Employer & Employee

For each of the taxes listed, circle who contributes to the tax for the employee. Medicare:

• Employer

• Employee

• Both Employer & Employee

For each of the taxes listed, circle who contributes to the tax for the employee. SUTA:

• Employer

• Employee

• Both Employer & Employee

The common misconception of marginal tax rates is ___. (Select all that apply)

• One is taxed more than they should.

• One is taxed on fully at the top bracket your income falls into.

• One is taxed on their full earnings.

• One is taxed as much as someone making a lot of money.

The W-2 must be postmarked by the employer by ___.

The tax rate for social security is ___.

The tax rate for medicare is ___.