The Following Transactions Occurred During July for Hurley Services

question 83

Multiple Choice

The following transactions occurred during July for Hurley Services: How much revenue was earned in July?

• A) $1,200.
• B) $2,300.
• C) $2,800.
• D) $5,500.
• E) $7,000.

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Definitions:

Payroll Deductions

Amounts subtracted from an employee's gross salary for taxes, insurance premiums, benefits, and other payroll-related charges.

Liabilities

Debts or duties a firm has towards third parties, necessitating repayment through the allocation of economic advantages over time.

Federal Unemployment Taxes

Taxes imposed on employers to fund the federal government's oversight and support of state unemployment insurance programs.

FUTA

The Federal Unemployment Tax Act (FUTA) is a United States federal law that imposes a payroll tax on employers to fund state workforce agencies.