Indicate Whether Each of the Following Statements Is True or False

question 39

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 $7,500 in FICA taxes for an employee who earns $50,000 annually.
_____ 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 $1,200 and withholds $350 of that amount, they will recognize $850 in salary expense.

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Definitions:

Gymnasts

Athletes who perform sequences of movements requiring flexibility, strength, and coordination, primarily on apparatus such as rings, bars, and mats.

Cost of Living

The amount of money needed to sustain a certain level of living, including basic expenses such as housing, food, taxes, and healthcare.

Canadian Towns

Small urban communities found within Canada, often characterized by local governance and a distinct sense of community.

Histogram

A graphical representation of data using bars of different heights to illustrate the distribution of a dataset across different intervals.