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
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
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 3MC
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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
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