Answer the following statements true (T) or false (F)
1. Federal unemployment compensation tax (FUTA) is not withheld from employees' gross earnings.
2. State unemployment compensation tax (SUTA) is not withheld from employees' gross earnings.
3. State unemployment compensation tax (SUTA) is paid by the employer and is not deducted from an
employee's gross earnings.
4. Federal unemployment compensation tax is paid by the employer and is not deducted from an
employee's gross earnings.
5. FICA tax is paid by the employee only and is deducted from gross earnings.
1. True
2. True
3. True
4. True
5. False
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Indicate whether the statement is true or false
A company with $50,000 in current assets, $25,000 in quick assets, and $30,000 in current liabilities makes a payment of a $1,500 current debt. As a result of this transaction, the current ratio and quick ratio will
a. both decrease. b. increase and decrease, respectively. c. both increase. d. remain the same and decrease, respectively.
A significant disadvantage to the retail method of accounting is the required detailed bookkeeping system
Indicate whether the statement is true or false
A company's strategic plan
A. identifies the company's strategy and management's specific, detailed plans for implementation. B. lays out its future direction and business purpose, performance targets, and strategy. C. summarizes the company's strategic vision, a strategy, and a business model. D. details key objectives and the strategy for achieving them. E. consists of a company's strategic vision, strategic objectives, strategic intent, and strategy.