The Account for Payroll Tax Expense Includes All of the Following

question 75

Multiple Choice

The account for Payroll Tax Expense includes all of the following except:

• A) federal unemployment taxes.
• B) FICA taxes (OASDI and Medicare) paid by the employer for the latest payroll period.
• C) state unemployment taxes.
• D) federal income tax.

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Definitions:

Availability Heuristic

A mental shortcut that relies on immediate examples that come to mind when evaluating a specific topic, concept, method, or decision.

Stereotypes

Oversimplified generalized beliefs about a group of people that may not accurately represent the diversity within the group.

System I

A term often used to describe fast, automatic, intuitive forms of thinking, as opposed to slower, more rational deliberation.

System II

A term used in cognitive psychology to refer to the analytical, effortful, and slower mode of thinking, as opposed to the fast, automatic, intuitive thinking of System I.