COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Question
Chapter 10, Problem 2.4SRE
To determine
Identify the correct option related to Medicare tax withheld.
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Students have asked these similar questions
Find the employer’s FICA deduction for each of the following employees.
Find the amounts of the FUTA taxes for the current pay period for each of the following employees.
Decimals for categories SS-0.062, Medicare-0.0145, (FUTA-0.0006 -$7000Cap) Show work
Employees
Year-to-Date
Current Gross
Social Security (0.062)
Medicare
(0.0145)
Subject to FUTA
(0.006)
FUTA
F. Todd
$6959.28
$1088.64
T. Stanley
$7,882.51
$827.44
Which of the following is not an item deducted from salary expense to arrive at net pay?
Multiple Choice
O
O
FICA tax for Social Security
FICA tax for Medicare
These answer choices are all deducted from salary expense to arrive at net pay
Federal unemployment tax
1. Who assigns the SUTA tax rate to an employer?
Answer:
A.
The Internal Revenue Service
B.
The state in which the employer is located
C.
The Social Security Administration
D.
The American Payroll Association
2. What is the due date for the first quarter FUTA tax?
Answer:
A.
April 30
B.
March 30
C.
April 15
D.
None of these options
3. Match each tax with its associated feature.
SUTA
Self-employment
Social Security and Medicare
The employer presently matches the amount employees pay.
If net SE income is below $400, no tax is due.
The number of laid-off employees may affect it.
Chapter 10 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 10 - Prob. 1.1SRQCh. 10 - Prob. 1.2SRQCh. 10 - Prob. 1.3SRQCh. 10 - Prob. 1.4SRECh. 10 - Prob. 1.5SRECh. 10 - Prob. 1.6SRACh. 10 - Prob. 2.1SRQCh. 10 - Prob. 2.2SRQCh. 10 - Prob. 2.3SRQCh. 10 - Prob. 2.4SRE
Ch. 10 - Stacy Carter worked 48 hours during the week...Ch. 10 - Prob. 2.6SRACh. 10 - Prob. 3.1SRQCh. 10 - What accounts are debited and credited when...Ch. 10 - Prob. 3.3SRQCh. 10 - Prob. 3.4SRECh. 10 - Prob. 3.5SRECh. 10 - This general journal entry was made to record the...Ch. 10 - Prob. 1CSRCh. 10 - Prob. 2CSRCh. 10 - Prob. 3CSRCh. 10 - Prob. 4CSRCh. 10 - Prob. 5CSRCh. 10 - Prob. 1DQCh. 10 - Prob. 2DQCh. 10 - Prob. 3DQCh. 10 - Prob. 4DQCh. 10 - Prob. 5DQCh. 10 - Prob. 6DQCh. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - Prob. 9DQCh. 10 - Prob. 10DQCh. 10 - How does the direct deposit method of paying...Ch. 10 - What are the four bases for determining employee...Ch. 10 - Prob. 13DQCh. 10 - Prob. 14DQCh. 10 - Prob. 15DQCh. 10 - Prob. 1ECh. 10 - Prob. 2ECh. 10 - The monthly salaries for December and the...Ch. 10 - Prob. 4ECh. 10 - Prob. 5ECh. 10 - Prob. 6ECh. 10 - On July 31, 2019, the payroll register for White...Ch. 10 - Prob. 1PACh. 10 - Prob. 2PACh. 10 - Prob. 3PACh. 10 - Prob. 4PACh. 10 - Prob. 1PBCh. 10 - Prob. 2PBCh. 10 - Prob. 3PBCh. 10 - Prob. 4PBCh. 10 - Prob. 1CTPCh. 10 - Prob. 2CTPCh. 10 - Prob. 1MFCh. 10 - The new controller for CAR Company, a...Ch. 10 - Prob. 3MFCh. 10 - Prob. 4MFCh. 10 - Prob. 1ED
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- Which of the following is considered an employer payroll tax? A. FICA Medicare B. FUTA C. SUTA D. A and B only E. B and C only F. A, B, and Carrow_forwardWhich of the following does NOT apply to both a W−2 and a W−3? A. Reports the total amount of wages, tips and compensation paid to the employee B. Employees use both forms to prepare their personal tax returns. C. Sent to the Social Security Administration D. Reports the total OASDI and Medicare taxes withheldarrow_forwardUnions dues, vacation account, 401k, insurance, subtracted from gross pay Options are: personal exemptions, tax deductions, adjusted gross income, social security tax, taxable wages, fit, net pay, personal deductions, Medicare tax, dependent, graduated income tax, and withholding allowances. Which one is it?arrow_forward
- The taxes that the employer must pay are __________. social security and Medicare only. federal and state unemployment taxes and employer's FICA. federal and state unemployment taxes and social securityarrow_forwardThe portion of FICA taxes designated as Medicare is paid by a.employees only. b.the employer and the federal government. c.both the employee and the employer. d.either the employer or the employee, depending on the labor contract. e.neither the employee nor the employer.arrow_forwardWhich of the following are qualified medical expenses for purposes of itemized deductions? a.Medical expenses paid personally out of a standard checking account. b.Medical expenses that were reimbursed in the same year. c.Medical expenses paid with funds out of a Health Savings account. d.Health insurance premiums paid pre-tax through an employer's benefit plan.arrow_forward
- Recording employee payroll deductions may involve: Multiple Choice Liabilities to the employer. Liabilities to federal and state governments. Expenses for state unemployment. Expenses for the gross wages and salaries. Expenses for the employer portion of any medical insurance.arrow_forwardWhich of the following taxes is paid by the employee only? Choose the best answer. Group of answer choices Social Security Tax and Medicare Tax Federal Income Tax Unemployment Tax Social Security Tax, Medicare Tax, Federal Income Tax and Unemployment Tax PreviousNextarrow_forwardAn employer's payroll tax expense would include: Group of answer choices Social Security and Medicare taxes only FUTA, SUTA only FUTA, SUTA, Social Security and Medicare taxes FUTA, SUTA, Federal income, State income, Medicare and Social Security taxesarrow_forward
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