Question
If you have earned income, which of the following retirement devices must you contribute to, by law?
Question 5 options:
A)
Pension plan
B)
IRA
C)
Social security (FICA)
D)
Vesting plan
Question 5 options:
A)
Pension plan
B)
IRA
C)
Social security (FICA)
D)
Vesting plan
Answers
GPT-4o mini
The correct answer is:
C) Social security (FICA)
By law, individuals who earn income must contribute to Social Security through payroll taxes (FICA - Federal Insurance Contributions Act). The other options are voluntary or subject to employer plans and do not have a legal requirement for contribution.
C) Social security (FICA)
By law, individuals who earn income must contribute to Social Security through payroll taxes (FICA - Federal Insurance Contributions Act). The other options are voluntary or subject to employer plans and do not have a legal requirement for contribution.