Both Social Security expenditures and the payroll tax receipts that finance them are treated as off-budget items.
a. |
True |
|
b. |
False |
True, Social security is self funded since a provision was made In 1990's since then social security and those funds are not part of the budget. The statement is True,
Both Social Security expenditures and the payroll tax receipts that finance them are treated as off-budget...
Question text A budget deficit occurs when government receipts are less than spending and a budget surplus occurs when government spending is less than receipts. Select one: True False Question 29 Not yet answered Marked out of 0.4 An advantage of a consumption tax over the present income tax system is that a consumption tax discourages consumption and encourages saving. Select one: True False Question 30 One of the largest categories of U.S. federal government spending is Social Security and...
Tax bills are handled by the House Ways and Means and the Senate Finance Committees. ____ True ____ False b) Appropriations Bills are handled by separate Appropriations Committees in each Chamber. ____ True ____ False c) Budget Committees in both chambers have responsibility for looking at both expenditures and revenues. ___ True ____ Fals
Journalize Payroll Tax The payroll register of Chen Engineering Co. Indicates $1,860 of social security withheld and $465.00 of Medicare tax withheld on total salaries of $31,000 for the period. Earnings of $9,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round...
Show that a larger portion of the Social Security payroll tax will be borne by the worker the more inelastic the labor supply curve is. How might large firm decision making affect the elasticity of labor supply such that large firms face an inelastic supply of labor?
Journalie Payroll Tax The payroll register of Patel Engineering Co. indicates $2,604 of social security withheld and $651.00 of Medicare tax withheld on total salaries of $43,400 for the period. Earnings of $13,500 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round...
Journalire Payroll Tax The payroll register of Patel Engineering Co. indicates $2,874 of social security withheld and $718.5 of Medicare tax withheld on total salaries of $17.900 for the period. Earnings of $14,400 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of 5.1. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round...
Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $2,790 of social security withheld and $697.50 of Medicare tax withheld on total salaries of $46,500 for the period. Earnings of $13,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round...
Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $1,548 of social security withheld and $387.00 of Medicare tax withheld on total salaries of $25,800 for the period. Earnings of $7,700 are subject to state and federal unemployment compensation taxes at the federal rate of 0.6% and the state rate of 5.4%. Provide the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank. Round...
Taxes deducted from an employee's earnings to finance social security and Medicare benefits are called FICA taxes. True False
Journalize Period Payroll The payroll register of Patel Heritage Co. indicates $1,020 of social security withheld and $255 of Medicare tax withheld on total salaries of $17,000 for the period. Federal withholding for the period totaled $3,060. Retirement savings withheld from employee paychecks were $2,600 for the period. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank. Cash Payroll Tax Expense Salaries Expense Social Security Tax Expense Social Security...