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 and have no employee-paid portion?

Medicare taxes

State income taxes

Federal Unemployment Tax Act (FUTA) taxes

Social Security taxes

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Verified step by step guidance

Understand the question: The problem is asking which payroll taxes are paid solely by employers, meaning the tax is not shared with employees.

Review the options provided: Medicare taxes, State income taxes, Federal Unemployment Tax Act (FUTA) taxes, and Social Security taxes.

Clarify the nature of each tax: Medicare taxes and Social Security taxes are shared between employers and employees, meaning both contribute to these taxes. State income taxes are paid by employees, not employers.

Focus on FUTA taxes: The Federal Unemployment Tax Act (FUTA) taxes are designed to fund unemployment benefits and are paid solely by employers. Employees do not contribute to this tax.

Conclude that the correct answer is FUTA taxes, as they are the only payroll taxes in the list that are exclusively paid by employers.