8: Which statement regarding the calculation of taxes is accurate? Answer: A. B. C. D. O For simplicity, taxable income for local, state, and federal income tax withholdings has been standardized. O All taxes are calculated based on net pay. pleted OT 23 O Because retirement plans are exempt from federal income tax, you add the contributed amount before calculating the employee's federal withholding. O Taxes may be calculated based on an amount lower than gross pay, and not all taxes are calculated based on the same amount. SUBMIT TEST