Question 1

______ are liabilities that arise from transactions or events with little or no uncertainty. These liabilities are established by agreements, contracts, or laws, and are measurable. Known Liabilities Current Liabilities Long Term Liabilities Assets

Question 2

Liabilities are classified into two types of obligations: Certain and long-term Long-term and Current Known and certain None of the above

Question 3

______ are important known liabilities that result from salaries and wages earned, employee benefits, and payroll taxes the employer must pay. Notes Payable Accounts Payable Payroll Liabilities Unearned Revenue

Question 4

FICA taxes are comprised of the following two components: Social Security and local income tax Medicare and additional Medicare Social Security and Medicare Additional Medicare and local income tax

Question 5

The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $9,900. What is the amount of total unemployment taxes the employer must pay on this employee's wages? $378 $420 $534.6 $0.00

Question 6

Employer paid taxes include the following (1) FICA, (2) Federal Income Taxes, and (3) FUTA. True False

Question 7

Employee payroll deductions include the following: FICA SUTA Federal Income Taxes Both A and C

Question 8

A contingent liability is: Always a specific amount. A potential obligation that depends on a future event arising from a past transaction or event An obligation not requiring future payment And obligation arising from the purchase of goods or services on credit

Question 9

Gross pay is: Take home pay Total compensation earned by an employee before any deductions Salaries after taxes are deducted Deductions withheld by an employee

Question 10

FUTA Taxes are: Social Security Taxes Medicare Taxes Unemployment Taxes Employee Deductions