Use This Information to Answer the Following Question The Entry to Record the Payroll Taxes Expense Would Include

question 25

Multiple Choice

Use this information to answer the following question. $\begin{array}{lrlr}\text { Gross payroll } & \$ 16,000 & \text { Federal income taxes withheld } & \$ 1,800 \\\text { Social security and Medicare rate } & 7.65 \% & \text { Federal unemployment tax rate } & .8 \%\\\\\text { State unemployment tax rate}&5.4 \%\end{array}$

The entry to record the payroll taxes expense would include a credit to

• A) Salaries Payable.
• B) Federal Income Taxes Payable.
• C) Social Security Tax Payable.
• D) Cash.

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Definitions:

Collective Willingness

The shared desire or intention among members of a group to achieve a common objective or undertake a specific action.

Supply And Demand Graph

A visual representation used in economics to show the relationship between the supply of products and the demand for them.

Public Good

A product or service that is non-excludable and non-rivalrous, meaning it can be used by anyone without diminishing its availability to others.

Allocative Efficiency

The apportionment of resources among firms and industries to obtain the production of the products most wanted by society (consumers); the output of each product at which its marginal cost and marginal benefit are equal, and at which the sum of consumer surplus and producer surplus is maximized.