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From which of the following taxes are statutory workers' compensation payments exempt?
Suggested Answer: D
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18 comments · newest first
HU
Huey
10 months ago
Nah, I think it's just FUTA, not all three.
LE
Leandro
10 months ago
I thought it was only FICA, this is surprising!
AB
Abel
10 months ago
Totally agree, it's definitely D.
MA
Matthew
10 months ago
Wait, are you sure it's not just FIT?
TH
Thomasena
11 months ago
It's D, all three taxes!
GE
Gearldine
11 months ago
I vaguely recall that workers' comp is generally exempt from all payroll taxes, so D might be the right choice.
DE
Delisa
11 months ago
I’m a bit lost on this one. I thought only FIT was exempt, but now I’m questioning if it’s more than that.
BE
Bettyann
11 months ago
I remember practicing a question similar to this, and I think the answer was D, all three taxes.
EL
Elina
12 months ago
I think statutory workers' comp payments are exempt from FIT, but I'm not entirely sure about FICA and FUTA.
AB
Abel
12 months ago
The wording of this question is a bit tricky. I'll need to carefully read through the options to make sure I don't miss any details.
LA
Latonia
12 months ago
Okay, I think I've got this. Workers' comp payments are exempt from federal income tax, Social Security tax, and federal unemployment tax. I'm confident I can answer this correctly.
AD
Adolph
1 year ago
Hmm, I'm a little unsure about the differences between FIT, FICA, and FUTA. I'll need to review my notes to refresh my memory on those.
LY
Lynelle
1 year ago
This seems like a straightforward tax question, but I want to make sure I understand the different types of taxes before answering.
LA
Lashaun
1 year ago
I'm pretty sure it's D. FIT, FICA, and FUTA taxes. I mean, who doesn't know that workers' comp is exempt from the trifecta of taxes?
MA
Marylou
1 year ago
No, I remember studying that it's exempt from all three taxes to provide financial relief to injured workers.
KI
Kiera
1 year ago
But isn't workers' compensation only exempt from FICA taxes?
MY
Myra
1 year ago
I agree with Marylou, because workers' compensation payments are exempt from all three taxes.
MA
Marylou
1 year ago
I think the answer is D) FIT, FICA, and FUTA taxes.