Identify the Statement Below That Is False

question 26

Multiple Choice

Identify the statement below that is false.

• A)If an employer is not required to withhold income taxes from an employee's wages,the wages are not taxable to the employee.
• B)In certain situations,income tax withholding by an employer is voluntary.
• C)For 2015,an employer must deposit with the government an amount of FICA tax that is twice the amount withheld from the employee's salary (i.e. ,the employee's and employer's shares).
• D)If an excess amount of FICA has been withheld for an employee because the employee has multiple jobs,the employee may claim a credit for the excess amount withheld on his or her income tax return.
• E)None of the above.

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Definitions:

Interest

The charge for borrowing money, calculated as a percentage of the amount borrowed.

Exchange Rates

The exchange value between two different currencies.

Foreign Exchange Gain

A gain resulting from the increase in value of one currency against another when the currencies are converted.

Loan Payable

A liability representing the amount of money borrowed that is yet to be repaid.