B11. The amount in Box 1 of Form W-2 for taxable wages will always equal the amount in Box 3 of Form W-2 for Social Security wages.   True   False

1. Employees are subject to taxes withheld from their paychecks. a. List the federal taxes withheld form most employee's paychecks. b. Give the title of the accounts credited by amounts withheld. c. Social security tax d. Federal unemployment compensation tax e. Sate unemployment compensation tax

Question 11: Which statement about calculating taxable earnings for Social Security tax is accurate? Answer: A. 401(k) contributions are taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. В. O 401(k) contributions are taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax. С. O 401(k) contributions are not taxable for Social Security tax and are subtracted from gross pay when calculating taxable earnings for that tax. D. O 401(k) contributions are not taxable for Social Security tax and are not subtracted from gross pay when calculating taxable earnings for that tax.

Question 8: Collectively, Social Security tax and Medicare tax are referred to as FICA taxes. Answer: A. O True В. O False

FUTA taxes impose on employees and therefore are not deducted from employee wages.   A.  True B,  False

Which of the following taxes has a ceiling? Choose the best answer. Group of answer choices Both Social Security Tax and Unemployment Tax Social Security Tax Unemployment Tax Medicare Tax

all of the following are employer payroll taxes except what

A4

1. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income.   2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income   3.  All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition

The account that should be credited for the total income tax withheld from employee's earnings is o a. FICA Tax Expense. o b. Employee Income Tax Expense. . FICA Tax Payable o d. Employee Income Tax Payable.