Asked by Charles Myles on Jul 02, 2024

The following amounts are an expense to the company:

A) FICA-OASDI Payable.
B) FUTA Payable.
C) SUTA Payable.
D) All of the above are correct.

FICA-OASDI Payable

The amount owed by an employer or employee for Social Security and Medicare taxes, to be paid to the IRS.

FUTA Payable

A liability account that records the amount owed by a company for the Federal Unemployment Tax Act contributions, payable to the federal government.

SUTA Payable

A liability account that records amounts owed for the state unemployment tax.

  • Learn about the utilization of FICA-OASDI and FICA-Medicare taxes within payroll operations.
  • Determine the amount of Federal Unemployment Tax Act (FUTA) and State Unemployment Tax Act (SUTA) taxes that an employer owes.
  • Develop entries for payroll transactions in the general journal.