This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following statements is false: a. Employers are required to pay FICA taxes matching ... (Read 101 times)

WhattoUnderstand

  • Hero Member
  • *****
  • Posts: 517
on: Jul 6, 2018
Which of the following statements is false:
 a. Employers are required to pay FICA taxes matching the amount withheld from their employees.
  b. Employers are responsible for paying FUTA Taxes.
  c. Employers are responsible for withholding and remitting Federal Income Taxes.
  d. Employers must file form 941 quarterly.

Question 2

Colin Street Body Shop has the following information for the pay period ending March 31st: Employee Pay Hours YTD Federal Income Name RateWorkedEarningsT ax Withheld J. Smith 2,500 Salary 27,500 4,125 M. Jones 15/hr 45  7,200 1,080 Assume the Following: FICA-SS Tax Rate is 6.2 FICA-Medicare Tax Rate is 1.45 FUTA Tax Rate is 0.6 on the first 7,000 of wages paid SUTA Tax Rate is 5 on the first 9,000 of wages paid From the information provided above, what would be the amount of Wage Expense recorded?
 a. 712.50
  b. 2,500.00
  c. 3,175.00
  d. 3,212.50


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

shailee

  • Sr. Member
  • ****
  • Posts: 392
Reply #1 on: Jul 6, 2018
Answer to Question 1

A

Answer to Question 2

D


WhattoUnderstand

  • Member
  • Posts: 517
Reply 2 on: Jul 6, 2018
YES! Correct, THANKS for helping me on my review

bassamabas

  • Member
  • Posts: 294
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

In 2010, opiate painkllers, such as morphine, OxyContin®, and Vicodin®, were tied to almost 60% of drug overdose deaths.

Did you know?

An identified risk factor for osteoporosis is the intake of excessive amounts of vitamin A. Dietary intake of approximately double the recommended daily amount of vitamin A, by women, has been shown to reduce bone mineral density and increase the chances for hip fractures compared with women who consumed the recommended daily amount (or less) of vitamin A.

Did you know?

The first oral chemotherapy drug for colon cancer was approved by FDA in 2001.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

The Sun in false-color ultraviolet image The Sun in false-color ultraviolet image
Historian James Merrell notes several errors in Benjamin West’s famous 1771 painting, William Penn’s Historian James Merrell notes several errors in Benjamin West’s famous 1771 painting, William Penn’s
The medical assisting profession offers many settings in which to pursue your career. Good communica The medical assisting profession offers many settings in which to pursue your career. Good communica
How to convert verbal statements into algebraic equations (Part 2) How to convert verbal statements into algebraic equations (Part 2)
Twenty percent of the automobiles inspected at a state inspection station required repairs to ... Twenty percent of the automobiles inspected at a state inspection station required repairs to ...
Video: Functional zones in a mitochondrion

For a complete list of videos, visit our video library