All of the following statements regarding FICA taxes are true except: Multiple Choice Employers must pay...
All of the following statements regarding FICA taxes are true except:
Multiple
Choice
Employers must pay withheld FICA taxes to the IRS.
An employer must pay FICA taxes equal to the amount withheld from the employee.
FICA taxes include Medicare taxes and state income taxes.
FICA taxes are deducted from the employee.
The amount of FICA deducted from the employee is credited to a liability account.
Homework Answers
Answer : " FICA taxes include Medicare taxes and state income taxes." (un-true statement)
=> FICA taxes include Medicare taxes and Social Security Taxes. It is social security taxes instead of state income taxes.
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All of the following statements regarding FICA taxes are true
except:
Multiple
Choice
Employers must pay...
Which of the following are withheld from an employee's salary? 1. FICA taxes. II. Federal and...
Which of the following are withheld from an employee's salary? 1. FICA taxes. II. Federal and state unemployment taxes. III. Federal and state income taxes. IV. Employee portion of health insurance. Multiple Choice I, II, and IV I, III, and IV I and IV il and in Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. a. Gross Pay through August 31 $ 5,400 2,450 123,000 Gross Pay for September $2,400 2,550 8,900 Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and...
True or False -6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such...
True or False
-6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such as for pensions and charities. - 7. Employers report FICA Taxes and federal income tax withholdings using Form 941. - 8. An employer's payroll records include a payroll register for each pay period, payroll checks and statements of earnings, and individual employee earning reports. 9. Net pay is recorded as taxes payable.
CHAPTER NINE True-False: The following statements are either true or false. Place a (T) in the pa...
CHAPTER NINE True-False: The following statements are either true or false. Place a (T) in the parentheses before each true statement and an before each false statement. (F) An example of an estimated liability is a warranty. 2. 1. ) Contingent liabilities are potential obligations that depend on a future event arising from a past event or transaction 3. (F) Federal unemployment taxes are withheld from employees' wages at the rate of 1.45% on the first $61,200 earned. 4. (TSocial...
True / False 1. ____Employment Insurance is withheld from employees' wages at the rate of 1.58%...
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BMX Company has one employee. FICA Social Security taxes are6.2% of the first $128,400 paid...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
An employee earns $6,450 per month working for an employer. The FICA tax rate for Social...
An employee earns $6,450 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $220 in federal Income taxes withheld. The employee has voluntary...
Section A—DIRECTIONS: Each of the following statements is either true or false. Unless directed otherwise by...
Section A—DIRECTIONS: Each of the following statements is either true or false. Unless directed otherwise by your instructor, indicate your choice in the Answers column by writing “T” for a true answer or “F” for a false answer. (1 point for each correct answer) For Answers Scoring 1. A child working for his father’s corporation is not exempt from coverage under FICA................. 1. 2. Under FICA, each partner in a partnership is defined as an employee of that organization............ 2....
All of the following statements are true regarding the Income Statement except? Multiple Choice C) The...
All of the following statements are true regarding the Income Statement except? Multiple Choice C) The net income for net loss) generated on the Income Statement appears at the top of the company's year-end balance sheet 0 The Income Statement may also be called the earnings statement. The measurement of income is not absolutely accurate or precise due to assumptions and estimates. 0 The Income Statement only includes those events that have been evidenced by actual business transactions.
Which of the following are withheld from an employee's salary? 1. FICA taxes. II. Federal and state unemployment taxes. III. Federal and state income taxes. IV. Employee portion of health insurance. Multiple Choice I, II, and IV I, III, and IV I and IV il and in Suppose a college football coach makes a base salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and...
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $128,400 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7.000 paid to its employee. a. Gross Pay through August 31 $ 5,400 2,450 123,000 Gross Pay for September $2,400 2,550 8,900 Assuming situation a, prepare the employer's September 30 journal entries to record salary expense and...
True or False
-6. Employee payroll deductions include FICA taxes, income tax, and voluntary deductions such as for pensions and charities. - 7. Employers report FICA Taxes and federal income tax withholdings using Form 941. - 8. An employer's payroll records include a payroll register for each pay period, payroll checks and statements of earnings, and individual employee earning reports. 9. Net pay is recorded as taxes payable.
CHAPTER NINE True-False: The following statements are either true or false. Place a (T) in the parentheses before each true statement and an before each false statement. (F) An example of an estimated liability is a warranty. 2. 1. ) Contingent liabilities are potential obligations that depend on a future event arising from a past event or transaction 3. (F) Federal unemployment taxes are withheld from employees' wages at the rate of 1.45% on the first $61,200 earned. 4. (TSocial...
BMX Company has one employee. FICA Social Security taxes are
6.2% of the first $128,400 paid to its employee, and FICA Medicare
taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and
SUTA taxes are 5.4% of the first $7,000 paid to its employee.Gross Pay throughAugust 31Gross Pay for Septembera.$5,200$2,400b.2,3502,450c.122,8008,700rev: 05_16_2019_QC_CS-168714Compute BMX’s amounts for each of these four taxes as applied to
the employee’s gross earnings for September under each of three
separate situations (a), (b),...
TRUE/FALSE 1. Social Security taxes are levied equally on the employee and the employer. 2. Employee benefits costs represent expenses to the employer in addition to the direct costs of salaries and wages. .3. Unearned revenues are classified as current liabilities 4. Each time a payroll is recorded, a separate journal entry usually is made to record the employer's FICA and state and federal unemployment taxes. 5. Since Jon Company has very little employee turnover, the company has received a...
An employee earns $6,450 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $220 in federal Income taxes withheld. The employee has voluntary...
All of the following statements are true regarding the Income Statement except? Multiple Choice C) The net income for net loss) generated on the Income Statement appears at the top of the company's year-end balance sheet 0 The Income Statement may also be called the earnings statement. The measurement of income is not absolutely accurate or precise due to assumptions and estimates. 0 The Income Statement only includes those events that have been evidenced by actual business transactions.
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