Which of the Following Is Included in the Entry to Record

question 102

Multiple Choice

Which of the following is included in the entry to record the employer's payroll taxes?

• A)a debit to State Unemployment Tax Payable
• B)a credit to Payroll Tax Expense
• C)a credit to FICA-OASDI Tax Payable
• D)a credit to Salary Payable to employees

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Definitions:

Contrived Scarcity

An artificial limitation of supply to increase prices, often practiced by monopolies or through regulatory constraints.

Usury Law

Usury laws are regulations governing the amount of interest that can be charged on a loan, intended to protect consumers from excessive and unreasonable interest rates.

Interest Rate

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

Loanable Funds

Describes the market where savers provide funds to borrowers, influencing interest rates through supply and demand.