Which of the Following Represents the Combined Sum of Direct

question 181

Multiple Choice

Which of the following represents the combined sum of direct materials and direct labor?

• A) conversion costs
• B) period costs
• C) prime costs
• D) fixed costs

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Definitions:

Federal Income Tax Payable

The amount of income tax a company or individual owes to the federal government, yet to be paid.

FUTA Payable

The amount owed by employers for the Federal Unemployment Tax Act, a federal tax used to help fund state workforce agencies.

FUTA Expense

The total cost incurred by an employer for the Federal Unemployment Tax, contributing to the U.S. government's unemployment fund.

Form 941

A federal tax form used by employers to report quarterly income taxes, social security tax, and Medicare tax withheld from employees' paychecks.