The answer is Option D. Federal income taxes withheld from employee paychecks.
State unemployment taxes, federal unemployment taxes, social security and medicare taxes are Employer payroll tax expense. However, the taxes withheld are Statutory payroll tax expense.
A. Which of the following is not a payroll tax expense to the employer? State unemployment...
Which of the following is not a current liability? Sales tax payable; Payroll taxes payable; c. Unearned revenues; D. Allowance for doubtful accounts. B. Which of the following is not a current liability? Discount on Bonds Payable due in 7 years; Wages Payable; Estimated Warranty Payable for items sold with a one year warranty: Out of court litigation settlement liability due to be paid next month. B. Page 2 of 6 Which of the following is not a payroll tax...
Which of the following taxes would not be included in payroll tax expense of an employer? A. Federal unemployment taxes B. Employer FICA-Social Security taxes C. Income tax withholdings D. State unemployment taxes E. Employer FICA-Medicare taxes
Which of the following taxes would NOT be included in the total payroll tax expense the employer is responsible for paying? Employer Social Security taxes Employer Medicare taxes Federal and state income tax State unemployment taxes Federal unemployment taxes
A,B and C only I dyTUI need A. wing is a tax borne by the employer but not the employee? Which of the following is a tax bor a. State income tax b. FUTA tax c. Medicare tax Social security tax d. nas gross earnings of $600 and withholdings of $45.90 for social security and Media for income taxes. The employer pays $45.90 for social security and Medicare An employee has gross earnings o care taxes and $60 for income...
Payroll Accounting Jet Enterprises has the following data available for its April 30, 2019, payroll: Wages earned $485,000 * Federal income taxes withheld 92,300 * All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.70% and state unemployment taxes of 0.90% are payable on $405,700 of the wages earned. Required: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the amount of...
. The gross payroll for McKinney Corporation was $100,000. Federal income tax withheld from employee paychecks amounted to $24,000, state income tax withheld amounted to $3,000, Social Security amounted to $8,500 (the combined employee and employer portions), and Medicare amounted to $3,500 (the combined employee and employer portions). Furthermore, employees elected to have $1,000 of insurance and charitable contributions withheld from their paychecks. How much was net pay?
Note whether each expense is part of Salary expense and/or Payroll tax & related expenses: Employee health insurance portion Employer contribution to pension Union dues State & Federal Income Tax State & Federal Unemployment Tax FICA (Social Security & Medicare) A. Salary/Wage Expense B. Payroll tax & related expenses C. Salary/wage expense & Payroll tax & related expense
eBook Exercise 10-4 Payroll Expenses At the end of October, the payroll register for Noir Tool Corporation contained the following totals: wa es 371,000; federal income taxes withheld $94,884; state income taxes $15,636; Social Security tax withheld, $23,002; Medicare tax withheld, $5,379.50; medical insurance deductions, $12,870; and wages subject to unemployment taxes, $57.240. hheld 1. Determine the total and components of the monthly payroll, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance...
Cornerstone Exercise 8-26 Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Federal income taxes Social Security Medicare $63,000 31,000 7,250 Charitable contributions 1% of gross pay 2% of gross pay Union dues Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll. Required: 1. What is the amount of net pay recorded by Hernandez? $ 441,750 x 2. Prepare the journal...