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

9. Current Liabilities

Payroll and Payroll Taxes

Financial Accounting

9. Current Liabilities

Payroll and Payroll Taxes

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Multiple Choice

Which of the following payroll taxes is paid only by the employer?

Employee income tax withholding

Social Security tax

Medicare tax

Federal Unemployment Tax Act (FUTA)

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Verified step by step guidance

Understand the concept of payroll taxes: Payroll taxes are taxes imposed on employers and employees, and they include various components such as income tax withholding, Social Security tax, Medicare tax, and unemployment taxes.

Differentiate between taxes paid by employees and employers: Employee income tax withholding, Social Security tax, and Medicare tax are shared responsibilities between employees and employers, while certain taxes are solely the responsibility of the employer.

Focus on the Federal Unemployment Tax Act (FUTA): FUTA is a payroll tax that is exclusively paid by the employer. It funds unemployment benefits for workers who lose their jobs through no fault of their own.

Clarify why FUTA is employer-only: Unlike Social Security and Medicare taxes, which are split between employees and employers, FUTA is designed to be entirely funded by the employer to support unemployment insurance programs.

Summarize the distinction: The Federal Unemployment Tax Act (FUTA) is the payroll tax paid only by the employer, while other taxes like Social Security and Medicare are shared responsibilities.