Question

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 taxes. The employ taxes and $4.80 for FUTA. The total cost of this employee to the employer is a. $650.70. b. $600.00 c. $696.60. d. $604.80. Payroll Taxes and Benefits Expense includes all of the following except a. federal income taxes. b. social security taxes. c. Medicare taxes. d. unemployment taxes. Use this information to answer the following questions. The following totals for the month of November were taken from the payroll register of Levine Company: Salaries expense Social security and Medicare taxes withheld $12,000 Income taxes withheld 550 Medical insurance deductions 2,500 Life insurance deductions subject to federal and state unemployment taxes of 6.2 percent 250 200 D. The journal entry to record the monthly payroll on No 4,000

A,B and C only

Answer 1

Answer: b. FUTA tax Federal Unemployment Tax Answer: a. $650.70 ► Social Security tax and Medicare tax are the payroll taxes that are paid by both the employee and the employer. Unemployment taxes (FUTA & SUTA) are paid by the employer only. An employee doesn't pay them. Cost to the employer = Salary paid + FICA taxes paid by employer + Unemployment taxes = $600 + $45.90 + $4.80 = $650.70 Answer: a. federal income taxes Payroll taxes and benefit expenses includes taxes and other amounts paid by the employers. Federal income taxes are paid by the employee. So, Payroll taxes and benefit expenses does not include federal income taxes.