Great Lakes Tutoring Had the Following Payroll Information on February

question 4

Multiple Choice

Great Lakes Tutoring had the following payroll information on February 28: Assume:
FICA tax rates are: OASDI 6.2% on a limit of $106,800 and Medicare 1.45%
State Unemployment tax rate is 2% on the first $7,000
Federal Unemployment tax rate is 0.8% on the first $7,000
Using the information above, the journal entry to record the employee's tax expense would include:

• A)a debit to Payroll Tax Expense in the amount of $4,000.
• B)a debit to Wages and Salaries Expense in the amount of $4,000.
• C)a credit to Cash in the amount of $4,000.
• D)a credit to FUTA Payable for $24.

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Definitions:

R-Squared

A statistical measure that represents the proportion of the variance for a dependent variable that's explained by an independent variable or variables in a regression model.

F-Ratio

A statistical measure used in the analysis of variance (ANOVA) to compare the variability between groups with the variability within groups.

Diagnostic Display

High-quality, specialized monitors used in medical imaging to ensure accurate and precise viewing of digital medical images for diagnostic purposes by healthcare professionals.

Studentized Residuals

Residuals divided by their estimated standard deviation, often used in regression analysis to identify outliers.