Mark the correct answer. FICA taxes are:
A. Paid by the employee and by the employer.
B. 7.65 percent of earned income up to $150,000.
C. Not subject to cost of living adjustments each year.
D. 7.65 percent of all earned income with no limitations.

A. Paid by the employee and by the employer.

Explanation:

The FICA taxes which are Medicare and Social Security are determinate each year. There is a celling for Social Security at which the employee nor the employee stop paying taxes

while the Medicare has a bracket after a certain income from wages at which, increases

Both, the celling and increase in Medicare rate are determinate for each year. and must be paid by both the employee and employer

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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