Answered: Salaries Expense is debited to record…

Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes. a. True b. False Is this statment true or false?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Identify two different types of deductions that an employer is required to subtract from a

A: There are several deductions from paycheck but two are absolutely necessary other are optional.

Q: Can Employee's expenses (Unreimbursed) be itemized

A: Unreimbursed expenses are defined as those expenses that are not given to you by employers. These…

Q: Payroll activities

A: Payroll is the salary payable to the employees for a particular period say week,…

Q: The FUTA tax is paid by: Oa. Employers and employees. Ob. The federal government. Oc. Employers…

A: Depreciation is a method which measures the reduction in the value of an asset or equipment due to…

Q: The payroll of Buffalo Company for September 2019 is as follows. Total payroll was $468,000, of…

A: Debit the salary, salary and company payroll taxes you paid. This will increase your expenses for…

Q: Unreimbursed employee expenses are deductible. a. True 6. False

A: Under the Tax Cuts and Jobs Act,the most unreimbursed employee expenses are no longer deductible for…

Q: a. i, ii and iv

A: The correct answer is (a) i, ii and iv.

Q: Which payroll taxes are the responsibility of the employee and which are the responsibility of the…

A: Introduction: Payroll taxes: Payroll taxes are levied on both employers and employees and are…

Q: Assuming the entity paid its employees their wages, incurred during the period. The proper debit to…

A: Nominal account have a rule of - Debiting all expenses and losses and crediting all incomes and…

Q: An independent contractor or self-employed person's employer is not required to deduct taxes, CPP,…

A: Benefits provided by employers when an employee works for a company, then every employer has to…

Q: Which of these statements are correct? A contract for service is an independent contractor; the…

A: In a contract of service, the employer and employee acknowledge that the employee will perform…

Q: A minimum wage earner who is also earning a self-employment income is exempt from income tax on the…

A: A minimum wage earner who is also earning a self-employment income, will not be exempt from income…

Q: How do I account for an advance to an employee and the resulting deduction?

A: An advance to employee means to pay the salary or money to such employee before the due date.

Q: The owner's contributions and withdrawals are reported on the income statement. True. False.

A: The income statement is a part of the financial statement. It includes all the revenue and expenses.…

Q: ue or false 2. The amount of income taxes withheld from employee gross pay is an expense to the…

A: The expenses are the costs incurred to earn the revenue for the business and liabilities are the…

Q: Statement 1: Compensation income refers to all income payments, in money or in kind, arising from…

A: Compensation refers to the cash as well as non-cash payments made by the employer to their employees…

Q: Saidina Laum 2. Which payroll tax is levied on both employers and employees?

A: The term "payroll tax" refers to a broad range of taxes that employers are required to pay and, in…

Q: Record the employer's benefit expense.

A: Payroll taxes are defined as the amounts collected by the government or revenue collection authority…

Q: proper plan

A: The obligation for collecting and remitting withholding taxes to the Internal Revenue Service lies…

Q: The net income or net loss reported on the income statement must be the same as the net income or…

A: A Worksheet is a multi-column spreadsheet that contains the ending balances of all general ledger…

Q: calculate samsam salary after deductions

A: Salary after deduction can be calculated by subtracting the total deductions claimed during the…

Q: FICA taxes are a mandatory deduction from employee earnings, and are also imposed upon employers as…

A: Taxes are mandatory financial charges or levies imposed by a government on individuals, businesses,…

Q: Which payroll taxes are the employee’s responsibility and which are the employer’s responsibility?

Q: When referring to employee earnings, gross pay is the total amount of an employee’s pay before…

A: Gross pay: Gross pay is a payment made to an employee for completion of work allocated by the…

Q: Which of these statements are correct? i. A contract for service is an independent contractor; the…

A: i. A contract for service is an independent contractor; the contractor is responsible for filing…

Q: It is a person's earnings before deduction. Salary Wage Gross pay Net pay

A: Employment is one of the major economic activities. Employees get some remuneration from their…

Q: Why must pay rate information be a part of an employee’s payroll file? A. As a means of tracking…

A: Pay rate refers to the amount of money an employee is paid for performing a specific job or task…

Q: Gross pay is: Deductions withheld by an employer Salaries after taxes are deducted Total…

A: The amount of an employee's paycheck that is left over after all payroll deductions, including taxes…

Q: Which of the following accounts represents the "take-home pay" or "net pay" related to employees?…

A: The "take-home pay" or "net pay" related to employees represents the amount that employees receive…

Q: This revenue taxes deducted from an employee's gross salary is a cost to the company. is it true or…

A: The expenses are the costs incurred to earn the revenue for the business and liabilities are the…

Q: The QBI deduction will reduce both the income tax and self-employment taxes owed by a self-employed…

A: Answer: False.

Q: Dividends paid to a shareholder by a corporation should be reported on which of the following forms…

A: Dividend is the amount of return which is received by investors for investing in company's shares.…

Q: One of the staff members asks you to explain the difference between the terms gross and net on the…

A: An employee gets compensated for the service by the employer. The employee receives a basic salary,…

Q: Explain with examples the following: (a) Residence rule (b) Source rule (c) Relief for medical…

A: (a) Residence rule Post-marital residence rules specify where a person resides after marriage and,…

Q: Question 1: What should an employer use to complete Form W-3? Answer: A. O Employee earnings records…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following amounts paid by an employer to an employee is not subject to withholding? Oa.…

A: Given : Multiple options a) Salary b) Travel expense reimbursements from an accountable plan c)…

Question

Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.

a. True

b. False

Is this statment true or false?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Tax withheld from an independent contractor is known as: a. Social Security Tax b. Federal income tax c. Federal unemployment tax d. Backup withholding tax
Who among the following uses accounting information to know the possible wage increments? a. Bankers Ob. Customers O c. Employees O d. Owners
What is the difference between: Salaries and wages expense on the income statement And Salaries and wages payable in the balance sheet? Thank you!
the amount of payroll tax withheld from an employee’s paycheck by an employer is a current liability recorded as an operating expense not recorded because it is a tax paid by the employee a miscellaneus revenue for the employer
Under IFRS, the amounts of long-term employment benefits, such as paid absences and unrestricted sabbaticals, as well as short-term benefits during employment, such as sick leave and vacation pay, are often estimates that need to be remeasured. How are these remeasurements reflected on the financial statements? O Both are included in other comprehensive income. O Remeasurements of long-term employment benefits are included in other comprehensive income, while remeasurements of short-term benefits are included in net income O Both are included in net income. O Remeasurements of long-term employment benefits are included in net income, while remeasurements of short-term benefits are included in other comprehensive income.
The employment income of an individual is reported on ________ slip, while investment income are reported on _________ or _________ slips.
To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the vacation is taken?
A debit to the FICA Taxes Payable accounta. results in an increase in the cash account of the employer.b. results in a decrease in the liabilities of the employer.c. would have no corresponding credit.d. results in an increase in the operating expenses of the employee.
i. The portion of the payroll tax levied on employers is O regressive, if the incidence is on employees. O difficult to determine without knowing the relative labor supply and demand elasticities. progressive, if the incidence is on employers. O proportional, if the incidence is on employers.
3. High employee turnover, employer's, a) Increases b) Decreases c) Does not affect d) Payroll taxable income e) Income f) SUTA g) FUTA labor burden because it
True or false. Reporting the deduction for employers reimbursed travel expenses on schedule C is the same for accountable and non accountable plans.
Identify the list of accounts below that would normally all have a debit balance. Multiple Choice Payroll Taxes Expense, Salaries Expense, Workers' Compensation Insurance Expense Worker's Compensation Insurance Expense, Prepaid Insurance, Medicare Tax Payable Worker's Compensation Insurance Payable, Salaries Payable, Salaries Expense Social Security Tax Payable, Medicare Tax Payable, Employee Income Tax Payable