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.
Learning Objectives
- 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.
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