Don't use Ai and chatgpt.Answer in all options with explanation. Payroll taxes to fund the El system are paid by bothemployees and employers. True or False: This legaldivision of responsibility indicates the true incidence ofthese taxes. O False O True

True. Payroll taxes to fund the EI system are paid by both employees and employers.In most systems,…

Answered: Payroll taxes to fund the El system are…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 1RQ

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Similar questions

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 C
When a credit is made to federal income taxes withholding payable account related to taxes withheld from an employee, the corresponding debit is made to a. Wages Expense b. Taxes Expense c. Taxes Payable d. Cash
Some payroll taxes are paid by both employees and employers. Others are paid only by employers. Which of the following is one of those taxes paid only by the employer. It’s: a. Federal Income Tax b. FICA c. SUTA d. State Income Tax e. None of the above
Which of these statements are correct? i. A contract for service is an independent contractor; the contractor is responsible for filing his/her own taxes. ii. Emoluments refer to the salary and monetary benefits an individual receives because of being employed. iii. There is no income that is exempt from PAYE. iv. Contract of Service is a contract of employment, and the employer is responsible to account and pay all statutory taxes. Question 20Answer a. i, ii and iii b. i, ii and iv c. i, only d. i. and iv
Which of these statements are correct? i. A contract for service is an independent contractor; the contractor is responsible for filing his/her own taxes. ii. Emoluments refer to the salary and monetary benefits an individual receives because of being employed. iii. There is no income that is exempt from PAYE. iv. Contract of Service is a contract of employment, and the employer is responsible to account and pay all statutory taxes. a.i, ii and iv b.i. and iv c.i, only d.i, ii and iii
FUTA taxes impose on employees and therefore are not deducted from employee wages. A. True B, False
FICA taxes are a mandatory deduction from employee earnings, and are also imposed upon employers as an expense. 11. 12. True False
Which of these statements are correct? A contract for service is an independent contractor; the contractor is responsible for filing his/her own taxes. Emoluments refer to the salary and monetary benefits an individual receives because of being employed. There is no income that is exempt from PAYE. Contract of Service is a contract of employment, and the employer is responsible to account and pay all statutory taxes. a. i, ii and iv b. and iv c. i, only d. i, ii and iii
Which of the following taxes would be deducted in determining an employee’s net pay? a. FUTA taxes b. SUTA taxes c. FICA taxes d. all are correct
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.
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.
Employers are responsible for paying FICA taxes, but are not responsible for paying state and federal unemployment taxes. True or false

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Payroll taxes to fund the El system are paid by both employees and employers. True or False: This legal division of responsibility indicates the true incidence of these taxes. O False O True