Which of the following statements is not correct?
A. Once an employee's year-to-date wages reach a certain amount prescribed by law, social security tax is no longer withheld.
B. Medicare taxes are levied in an equal amount on both employers and employees.
C. The amount of social security tax withheld depends on an employee's gross earnings, marital status, and number of withholding allowances.
D. Federal law requires that social security, Medicare, and federal income taxes be deducted from the gross pay of most employees.
Answer: C
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Adya loaned $300 from Olga to buy a phone. He gave Olga the authority to sell his music system if he failed to pay her back $300. He failed to pay back the loan as promised. Under these circumstances, ________.
A. if Adya dies and the debt remains unpaid, there is termination of the agency B. a dual agency exists C. Adya can revoke Olga's power if the phone is damaged D. Adya cannot revoke Olga's power to sell the music system
When analyzing the changes on a spreadsheet used to prepare a statement of cash flows, the cash flows from financing activities generally are affected by:
A. Net income, current assets, and current liabilities. B. Noncurrent liability and equity accounts. C. Equity accounts only. D. Noncurrent assets. E. Both noncurrent assets and noncurrent liabilities.
If a checking account customer fails to report a series of forgeries or alterations by the same wrongdoer on the same account within 30 days from receiving the monthly statement of account, then the bank is discharged from liability on all similar
forged or altered checks after that date and prior to notification. Indicate whether the statement is true or false
The improper use of a relationship of trust is called:
a. fraud. b. unconscionability. c. duress. d. undue influence.