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

Payroll withholdings typically include which of the following?

Employee contributions to retirement plans

Dividends paid to shareholders

Employer-paid health insurance premiums

Federal income tax

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Verified step by step guidance

Understand the concept of payroll withholdings: Payroll withholdings are amounts deducted from an employee's gross pay by the employer to cover various obligations such as taxes, benefits, and retirement contributions.

Identify the types of payroll withholdings: Common payroll withholdings include federal income tax, state income tax, Social Security tax, Medicare tax, and employee contributions to retirement plans.

Eliminate incorrect options: Dividends paid to shareholders are not payroll withholdings because they are distributions of profits to investors, not deductions from employee wages. Employer-paid health insurance premiums are also not payroll withholdings because they are paid by the employer, not deducted from the employee's paycheck.

Focus on correct options: Employee contributions to retirement plans and federal income tax are valid examples of payroll withholdings because they are deducted directly from the employee's paycheck.

Summarize the correct answer: Payroll withholdings typically include employee contributions to retirement plans and federal income tax, as these are deductions made from an employee's gross pay.