Question

Question 15 (1 point) Social security is paid by employees, employers and the self employed. Those resources are placed into a trust and paid out to individuals who've reached retirement age and meet the work eligibility requirement to receive a social security check. True False Question 16 (1 point) How often should self-employed individuals pay their taxes? When they file their taxes Monthly Annually O Quarterly

Answer 1

Answer:

Question 15:

Social security is paid by employees, employers and self employed. Those resources are placed into trust and paid out to individuals who've reached retirement age and meet the work eligibility requirement to receive a social security check.

Answer : True

Explanation:

The Social Security tax pays for the retirement, disability, and survivor ship benefits that millions of Americans receive each year under the Old-Age, Survivors, and Disability Insurance (OASDI) Program—the official name for Social Security in the U.S.  Employers usually withhold this tax from employees’ paychecks and forward it to the government. The funds collected from employees for Social Security are not put into a trust for the individual employee currently paying into the fund, but rather are used to pay existing retirees in a "pay-as-you-go" system.

Question 16:

How often should self-employed individuals pay their taxes?

Answer: Quarterly

Explanation:

The self-employed individuals are classified into the following categories by IRS:

• Carrying on a trade or business as a sole proprietor or an independent contractor
• Being a member of a partnership that carries on a trade or business
• Being otherwise in business for yourself (including a part-time business)

According to the IRS, self-employed taxpayers who expect to owe more than $1,000 in self-employment tax must make estimated tax payments four times during the year. You will need to use IRS Form 1040 to file these quarterly taxes.

Thank You.