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 are paid solely by employers, with no portion paid by employees?

Social Security Tax (OASDI)

Medicare Tax

Federal Unemployment Tax Act (FUTA)

State Income Tax Withholding

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Verified step by step guidance

Understand the nature of payroll taxes: Payroll taxes are taxes imposed on employers and employees, typically calculated as a percentage of the employee's wages. Some taxes are shared between employers and employees, while others are solely the responsibility of the employer.

Identify the taxes listed in the problem: The problem mentions Social Security Tax (OASDI), Medicare Tax, Federal Unemployment Tax Act (FUTA), and State Income Tax Withholding.

Analyze each tax: Social Security Tax (OASDI) and Medicare Tax are shared taxes, meaning both employers and employees contribute to these taxes. State Income Tax Withholding is deducted from employees' wages and is not paid by employers.

Focus on FUTA: The Federal Unemployment Tax Act (FUTA) is a payroll tax that is solely paid by employers. It funds unemployment benefits for workers who lose their jobs. Employees do not contribute to this tax.

Conclude: Based on the analysis, the payroll tax that is paid solely by employers, with no portion paid by employees, is the Federal Unemployment Tax Act (FUTA).