ID: B ue/False icate whether the statement is true or false 1. An employee's take home pay is equal to gross pay less all voluntary deductions. 22. Most employers are required to withhold federal I unemployment taxes from employee earnings. amount of money a borrower receives from the lender is called discount rate. example of ordinary maintenance. 4. The cost of replacing an engine in a truck is an 5. PayToll taxes only include social security taxes and federal unemployment and state unemployment taxes. of new equipment is called a revenue expenditure because it wil help generate revenues in the 5. The cost future. The meeeds from discounting a S20,000 60 day, note payable at 6% s$20,200. An intangible asset is one that has a physical existence. The normal balance of the accumulated depreciation account is debit. ong lived assets held for sale are classified as fixed assets