Answer the following statements true (T) or false (F)
1. The employee federal and state income tax and Social Security tax are optional payroll deductions.
2. Income taxes are withheld from the employee's paycheck.
3. Social Security (FICA) tax is withheld from the employees' pay and matched by the employer.
4. Andrew, an employee of Super Retailer, Inc., has gross salary for March of $5,500. The entire
amount is under the OASDI limit of $118,500 and thus subject to FICA. The total amount of employee
FICA tax is $841.50. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)
5. Medicare taxes are a required column in a payroll register.
1. False
2. True
3. True
4. False - Employee FICA tax = Gross Salary × FICA rate
Employee FICA tax = $5,500 × 7.65% = $420.75
5. True
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Analog Corp., a multinational software company, spends time and makes efforts to satisfy its clients by identifying their needs and establishing policies and procedures to support excellence in service delivery. In this case, Analog Corp. is most likely to be a(n) ________.
A. offshoring organization B. outsourcing organization C. cottage industry D. customer-focused organization
The Europeans adopted the 13-digit _____ as a standard for universal product codes.
Fill in the blank(s) with the appropriate word(s).
Use ________________ following interpretive captions
a. detailed graphics b. familiar examples c. citations d. periods
If Grayson Manufacturing incurred $17,400 for direct labor in the assembly department and $10,300 for direct labor in the painting department, the journal entry to record the labor used is: Work in Process Inventory, Assembly$17,400 Work in Process Inventory, Painting$10,300 Raw Materials Inventory $27,700
Answer the following statement true (T) or false (F)