In describing FICA taxes, which (if any) of the following statements is incorrect?
A)The base amounts for 2013 probably will increase from the 2012 amounts.
B)The base amounts for the Social Security and Medicare portions are the same.
C)If both spouses work, excess FICA taxes need not result.
D)Excess FICA taxes can be claimed as an income tax credit.
E)None of the above.

Question

Quizplus · Accepted Answer

The base amounts for the Social Security and Medicare portions are not the same; Social Security has a wage base limit, while Medicare does not.

In Describing FICA Taxes, Which (If Any) of the Following