Response to the following questions:
1. What programs are funded by the FICA (Federal Insurance Contributions Act) tax?
2. For each of the following payroll-related taxes, indicate whether it generally applies to (a) employees only, (b) employers only, (c) both employees and employers:
1. Social Security tax
2. Medicare tax
3. Federal income tax
4. Federal unemployment compensation tax
5. State unemployment compensation tax
3. What is interest? How does simple interest differ from compound interest?