Calculating and Journalizing Payroll Tax Expense

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Business
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University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the two types of FICA taxes that employers must match for their employees?
FICA Social Security and FUTA
FICA Social Security and FICA Medicare
FICA Medicare and FUTA
FICA Medicare and SUTA
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which tax is capped at a maximum taxable income of $7,000?
FUTA
FICA Social Security
FICA Medicare
SUTA
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the percentage rate used to calculate FUTA tax?
5.4%
0.6%
6.2%
1.45%
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the total payroll tax expense calculated for Ms. Cruise?
$1,200
$1,000
$1,032
$1,050
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the journal entry for payroll tax expenses, which account is debited?
SUTA Payable
FICA Medicare Tax Payable
FICA Social Security Tax Payable
Payroll Tax Expense
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