Identify the following statement that is false. a.If an employer is not required to withhold income taxes from an employee’s wages, the wages are not taxable to the employee. b.In certain situations, income tax withholding by an employer is voluntary. c.An employer must deposit with the government an amount of FICA tax that is twice the amount withheld from the employee’s salary (i.e., the employee’s and employer’s shares). d.If an excess amount of FICA is withheld for an employee because the employee has multiple jobs, the employee may claim a credit for the excess amount withheld on his or her income tax return.

Withholding - Withholding is the portion of an employee's wages that is not included in his or her…

Answered: Identify the following statement that…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Identify the following statement that is false.

	a.	If an employer is not required to withhold income taxes from an employee’s wages, the wages are not taxable to the employee.
	b.	In certain situations, income tax withholding by an employer is voluntary.
	c.	An employer must deposit with the government an amount of FICA tax that is twice the amount withheld from the employee’s salary (i.e., the employee’s and employer’s shares).
	d.	If an excess amount of FICA is withheld for an employee because the employee has multiple jobs, the employee may claim a credit for the excess amount withheld on his or her income tax return.

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