Required Employee Payroll Deductions Include Income Taxes, FICA Taxes, Union

question 61

True/False

Required employee payroll deductions include income taxes, FICA taxes, union dues, and charitable contributions.

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Definitions:

Maker

The party in a financial transaction who creates or signs a promissory note, thereby agreeing to pay the note's value to a specified party.

Drawer

The person who writes or signs a bill of exchange, such as a check, thus creating a financial obligation.

Sight Draft

A financial instrument that is payable on presentation or sight to the drawer.

Payable

Refers to debts or obligations of an individual or company that are due to be paid to creditors.