Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following workers will need to pay their own Social Security insurance?

An hourly worker whose employer withholds taxes

A self-employed consultant

A salaried employee at a corporation

A government employee with payroll deductions

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Verified step by step guidance

Understand the concept of Social Security insurance: Social Security is a government program that provides retirement, disability, and survivor benefits. Employees typically have Social Security taxes withheld from their paychecks by their employers, while self-employed individuals are responsible for paying both the employer and employee portions of Social Security taxes.

Identify the key difference between employees and self-employed individuals: Employees have their Social Security taxes automatically deducted from their paychecks by their employers, whereas self-employed individuals must calculate and pay these taxes themselves.

Analyze the options provided: An hourly worker whose employer withholds taxes, a salaried employee at a corporation, and a government employee with payroll deductions all have their Social Security taxes handled by their employers. However, a self-employed consultant does not have an employer to withhold taxes and must pay their own Social Security insurance.

Relate this to the self-employment tax: Self-employed individuals are required to pay the self-employment tax, which includes both the employer and employee portions of Social Security and Medicare taxes. This is calculated using IRS Form SE (Self-Employment Tax).

Conclude that the self-employed consultant is the worker who needs to pay their own Social Security insurance, as they are responsible for managing their own tax obligations without employer assistance.