QUESTION 1 Social Security taxes withheld from an employee's paycheck are commonly called FICA taxes True False QUESTION 2 Living trusts can either be current or testamentary. private or public retrievable or irretrievable. revocable or irrevocable. QUESTION 3 Most workers pay a 7.65 percent FICA Social Security tax matched by an equal tax paid by their employer True False QUESTION 4 The dollar amount of Social Security benefits received depends on the level of earnings during the working years True False QUESTION 5 In which of the following is the retirement plan contribution for the employee dependent on the financial success of the employer's company? a. Profit-sharing b. 401K c. Nonqualified deferred-compensation d. Salary reduction