Which of the Following Deductions Is Paid by Both the Employer

question 115

Multiple Choice

Which of the following deductions is paid by both the employer and employee?

• A)Federal income taxes
• B)Federal unemployment taxes
• C)FICA taxes
• D)SUTA taxes

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Definitions:

Adjusting Entries

Entries made in journal accounts at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Annual Accounting Period

The 12-month period a company uses for accounting purposes to report its financial performance.

Prepaid Rent

The payment made for rent before it's due, recorded as an asset on the balance sheet until it's recognized as an expense in the period to which it relates.

Adjusting Entry

An entry made in the accounts to correct or allocate income and expenses to the appropriate accounting period.