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Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685

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FindFindarrow_forward

Principles of Accounting Volume 1

19th Edition
OpenStax
Publisher: OpenStax College
ISBN: 9781947172685
Chapter 12, Problem 17MC
Textbook Problem
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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

To determine

Introduction:

Employer payroll taxes are paid by the employer from its own funds on the basis of employees’ salaries. These taxes are not deducted from the gross pay of the employees as in the case of withholding taxes.

To identify:

The taxes that are considered as an employer payroll taxes.

Explanation of Solution

f.

Employer’s contribution to FICA Medicare, FUTA, and SUTA are the payroll taxes which are paid by employer, apart from the gross pay. These taxes are in addition to employees’ obligations for taxes. These are deducted from the gross pay and deposited by the employer and are known as withholding taxes. Employers’ payroll tax obligations are recorded as Employer Payroll Taxes Expense. Therefore, option f is correct.

a.

FUTA and SUTA are also referred as employer payroll tax. Therefore, option a is incorrect...

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Chapter 12 Solutions

Principles of Accounting Volume 1
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