The Agricultural Price Support Program in the United States Has

question 134

Multiple Choice

The agricultural price support program in the United States has resulted in

• A) declining average farm income.
• B) surpluses of price-supported farm commodities.
• C) shortages of price-supported farm commodities.
• D) a gradual migration of people from farms to cities.

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Definitions:

FICA Taxes Payable

Amounts due for Social Security and Medicare taxes, required to be withheld from employees' paychecks and matched by employers.

Payroll Tax Expense

Taxes that employers are required to pay based on the salary and wages paid to employees, including social security and Medicare taxes in the United States.

SUTA Payable

A liability account in the general ledger that records amounts owed to the state unemployment insurance program, to be paid by employers.

Social Security Tax

A payroll tax paid by employees and employers to fund the Social Security program, which provides retirement, disability, and survivorship benefits.