A Job-Cost Record Uses Information from ________

question 86

Multiple Choice

A job-cost record uses information from ________.

• A) a materials-requisition record to record raw material purchases from suppliers
• B) a materials-requisition report to record the type and quantity of item received in an order from a supplier
• C) a labor-time card to record an employee's wage rate and hours spent on a particular job
• D) the bill of materials to ensure the goods are of the prescribed quality

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Definitions:

Federal Income Tax

The tax levied by the Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities.

FICA Tax

A U.S. federal payroll tax that funds Social Security and Medicare, requiring contributions from both employers and employees.

FUTA Tax

A federal tax in the United States imposed on employers to fund state workforce agencies and unemployment insurance.

Net Pay

Net pay is the amount of money an employee takes home after all deductions, such as taxes and retirement contributions, have been subtracted from the gross salary.