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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Which of the following taxes are not withheld from an employee?

  1. a. FICA Social Security
  2. b. Federal Unemployment (FUTA)
  3. c. FICA Medicare
  4. d. Federal Income Tax
  5. e. All of the above are withheld

To determine

State the taxes that are not withheld from an employee.

Explanation

Payroll tax:

Payroll tax refers to the tax that are equally contributed by employees and employer based on the salary and wages of an employee. Payroll tax includes taxes like federal tax, local income tax, state tax, social security tax and federal and state unemployment tax.

Justification for the incorrect answer:

Option a, c, d and e:

FICA social security, FICA Medicare, Federal income tax is taxes that has an equal contribution of both employee and employer under the provisions of the Federal Insurance Contributions Act.  Hence, the Option a, c, d and e are incorrect answer...

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