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
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
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.
An employer may withhold portions of an employee's total earnings for a.state and county sales taxes. b.state unemployment taxes. c.local property taxes. d.federal unemployment taxes. e.charitable contributions.

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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