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 (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 4QY

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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
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
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
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
The account that should be credited for the total income tax withheld from employee's earnings is ○ a. FICA Tax Expense. ○ b. Employee Income Tax Expense. ○ . FICA Tax Payable ○ d. Employee Income Tax Payable.
Which of the following is not deducted from an employee’s salary? a. FICA taxes.b. Unemployment taxes.c. Income taxes.d. Employee portion of insurance and retirement payments.
Which of the following items is exempt from including into the assessable income for salaries tax purposes? Select one: a. Leave pay b. Commission c. Compensation for termination of employment not provided in the contract d. End of contract gratuities
true or false 2. The amount of income taxes withheld from employee gross pay is an expense to the employer.

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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