Indicate Whether Each of the Following Statements Is True or False

question 12

Short Answer

Indicate whether each of the following statements is true or false.
________ a)The amount of federal tax withheld from an employee's salary depends on the employee's gross pay and the number of withholding allowances the employee claims.
________ b)Withheld taxes are recorded in the payroll tax expense account.
________ c)An employer will submit $8,250 in FICA taxes for an employee who earns $55,000 annually.(Assume a Social Security rate of 6 percent on the first $110,000 of income and a Medicare rate of 1.5 percent on all earnings. )
________ d)A voluntary deduction,such as a charitable contribution,creates a liability when it is withheld from employee pay.
________ e)If an employer records gross pay of $2,400 and withholds $700 of that amount,then the employer will recognize $1,700 in salary expense.

---

Definitions:

Employee Selection

The process of evaluating and choosing individuals to fill job vacancies in an organization through various assessment methods.

Human Capital Perspective

A view that considers employees as assets whose value can be enhanced through investment in education, training, and development.

Productivity Resource

An asset, tool, or factor that can be utilized to enhance the efficiency or output of work processes.

Disabled Individuals

Persons who have physical, mental, intellectual, or sensory impairments, which may hinder their ability to participate fully and effectively in society on an equal basis with others.