Question

22. The payroll for the week ended November 21 is $15,000 with 15 percent withheld for employee income taxes and 8 percent for FICA taxes. The total amount of taxes to be remitted by the employer for this payroll will be: a. $2,250 b. $1,200 c. $3,450 d. $4,650 23. Of the following taxes, the only that the employer pays in entirety is: a. State income tax b. State unemployment tax c. FICA tax d. Federal income tax 24. The Dell Company payroll for the first week in November was $12,000. The amount of income tax withheld was 12 percent and the FICA, state unemployment, and federal unemployment rates were percent. 5 percent, and 1 percent, respectively. The amount of the employee's withholding taxes is: a. $1,680 b. $2,400 c. $1.440 d. $3.120 25. An accrued expense such as accrued wages can best be described as an amount: a. Paid and not currently matched with earnings b. Not paid and not currently matched with earnings c. Not paid and currently matched with earnings d. Paid and currently matched with earnings

Answer 1

22) answer D $4650

taxes remitted would be:

employee income taxes (15000*15%)	2250
employee FICA(15000*8%)	1200
employer FICA(15000*8%)	1200
total	4650

23) answer B

state level unemployment tax is only paid by the employer where as state income tax and federal taxes are paid by the wage earners. FICA taxes are paid both by employee and employer.

So, the only tax that is to be paid by employer is State level unemployment tax.

24) answer C $1440

the withholding tax of employee = 12000*12%

=1440

25) Answer C

The amount that is not paid currently but matched with matched with earnings are accured expenses.

in simple terms, accured expenses are incurred now but are paid later.