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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Employer payroll taxes are deducted from the employee’s pay.

To determine

Identify whether the statement is true or false.

Answer

False statement

Explanation

Employer payroll tax will be deducted from the employer’s pay. The tax imposed on the payroll of the employers consists of employer’s contribution to the FICA (Federal Insurance Contributions Act) taxes of the employees, FUTA (Federal Unemployment Tax Act) and SUTA (State Unemployment Tax Act).

Therefore, the give statement “Employer payroll taxes are deducted from the employee’s pay” is False.

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