Answered: Which tax is NOT withheld from an…

Which tax is NOT withheld from an employee? Select one: Federal tax State tax Mortgage tax All of the above are withheld

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Question 11: Which statement regarding the calculation of taxes is accurate?

A: Q 11 Correct answer is Option D Reason - Because the tax are computed on net income after deducting…

Q: what are the advantages and disadvantages of the payroll tax deferral?

A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…

Q: The FUTA tax is paid by: Oa. Employers and employees. Ob. The federal government. Oc. Employers…

A: Depreciation is a method which measures the reduction in the value of an asset or equipment due to…

Q: What is the term for the employer's mandatory payroll taxes that the government has written into…

A: A payroll tax is a percentage withheld from an employee's pay by an employer who pays it to the…

Q: can you help me how to Explain how an employer can receive a credit against the FUTA tax due.

A: FUTA stands for Federal Unemployment Tax Act under federal law of US. FUTA tax is paid by the…

Q: Which of the following taxes is paid by the employee only? Choose the best answer. Group of answer…

A: Tax is compulsory payment made by the assessee to the government .

Q: Which payroll tax is imposed on both the employee and the employer? a. federal income tax b.…

A: Payroll taxes are levied on salaries and self-employment income by the federal government, and the…

Q: Which of the following does NOT apply to both a W−2 and a W−3? A. Reports the total amount of…

A: IRS forms W-2 and W-3 both are submitted by the employer to Social Security Administration and both…

Q: Which of the following is an adjustment that will generally result in lower tax liability for an…

A: A tax is a charge which is levied by the government on the taxable income of a taxpayer. A tax…

Q: Which payroll tax is levied on both employers and employees? Both employees and employers are…

A: The payroll tax is required to be remitted to the government on the behalf of employee and is…

Q: Which of the following taxes has a ceiling and is only paid by the employer? Group of answer choices…

A: Income taxes is the amount that is charged by the government on the income earned by an individual…

Q: Which of the following taxes is part of payroll deductions for an employee's earnings and paid by…

Q: the accumulated earnings tax is paid instead of the regular corporate tax plus the alternative…

A: Accumulated Earnings Tax (AET) is a tax imposed by the United States government on corporations that…

Q: Briefly describe why the obligation to pay taxes for citizens who have taxable income is a form of…

A: What is Taxation? Taxation is a not a word it means when an authority i.e respective government ,…

Q: Some payroll taxes are paid by both employees and employers. Others are paid only by employers.…

A: Some payroll taxes are borne by both employer and employee while some are paid only by employees or…

Q: Which of the following is NOT a valid use of Form 990-1? O Request credit for certain excise taxes…

A: Filling out Form 990-T is how exempt organizations:declare any unrelated business revenue.Determine…

Q: What was the federal tax refund

A: This is the follow-up question and now the question is regarding the federal tax refund. This is the…

Q: Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to…

A: Payroll taxes is the amount that is held by the employer from the employees' earnings and pay it to…

Q: The account that should be credited for the total income tax withheld from employee's earnings is o…

A: The objective of the question is to identify the correct account that should be credited when the…

Q: Dividends paid to a shareholder by a corporation should be reported on which of the following forms…

A: Dividend is the amount of return which is received by investors for investing in company's shares.…

Q: Identify the following statement that is false. a. If an employer is not required to withhold…

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

Q: wage and payroll tax expenses are somewhat unique because?

A: An employer's federal payroll tax responsibilities include withholding from an employee's…

Q: true or false In most situations, the total Social Security taxes levied on employers will exceed…

A: The Social Security tax rate for both employees and employers is 6.2% of employee compensation (for…

Q: Which of the following are reductions from the federal tax owed dollar -for - dollar. Select…

A: Federal Tax is Tax on Income to be paid by Individuals, Corporation on their income of a particular…

Q: Question 5: Which of the following employee taxes is matched by the employer? Answer: A. State…

A: Introduction:- Payroll taxes are the state and federal taxes. As an employer, are responsible to…

Q: Which of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding…

A: SUTA: State Unemployment Tax Rate FUTA: Federal Unemployment Tax Rate FICA: Federal Insurance…

Q: The amount of federal income tax to be withheld from employee's paychecks can be calculated by

A: Federal income tax: It is a tax levied by the IRS on the annual income of the taxpayers such as…

Q: How are the electronic tax deposits transferred from the employer’s account to the IRS?

A: The employer is having two options for transferring the electronic tax deposit to the internal…

Q: Tax withheld from an independent contractor is known as: a. Social Security Tax b. Federal income…

A: The independent contractor is liable to pay self employed tax that includes social security tax.

Q: The amount of compensation subject to OASDI tax is correctly defined as Select one: a. all amounts…

A: OASDI (Old Age, Survivors, and Disability Insurance program) tax is a tax levied by IRS on all…

Question

Which tax is NOT withheld from an employee?

Select one:

Federal tax

State tax

Mortgage tax

All of the above are withheld

Expert Solution

Step 1

Step 2

Step by step

Solved in 3 steps with 4 images

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

1. Are bonuses to employees subject to Income Tax? Discuss the tax implications to the taxable income of the employee with regards to bonuses.
Why are deductions from employees’ earnings classified as liabilities for the employer? For each of the following payroll-related taxes, indicate whether they generally apply to (a) employees only, (b) employers only, or (c) both employees and employers: Federal income tax Medicare tax Social security tax Federal unemployment compensation tax State unemployment compensation tax
1. Employees are subject to taxes withheld from their paychecks. a. List the federal taxes withheld form most employee's paychecks. b. Give the title of the accounts credited by amounts withheld. c. Social security tax d. Federal unemployment compensation tax e. Sate unemployment compensation tax
Employees are subject to FUTA taxes, which are not deducted from their pay. A. TrueB, False
which of the following is not a COVID-19 tax relief provision available to a self-employed taxpayers?
Lump sum payments in respect of the termination of employment of a person may be relieved from tax. What are the conditions that must be met for these payments to be made without the deduction of tax.
Explain why Congress allows self-employed taxpayers to deduct the employer portion of their self-employment tax.
Which of the following is not an employer payroll tax? Multiple Choice Social Security tax equal to that withheld from employees. Medicare tax equal to that withheld from employees. State unemployment tax. Federal unemployment tax. Federal income tax equal to that withheld from employees.
Employee payroll taxes do not include: a) Federal unemployment taxes. b) State Income taxes. c ) Federal income taxes. d ) FICA taxes.
Which of the following are not included in an employer’s payroll tax expense? a) state income taxes b) employer portion of FICA taxes c) state unemployment taxes d) federal unemployment taxes
Employers are responsible for paying FICA taxes, but are not responsible for paying state and federal unemployment taxes. True or false
3. Are the federal and state income taxes withheld from employee paychecks a payroll tax expense for the em- ployer? Explain your answer.