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 is NOT an employer payroll tax?

Federal Unemployment Tax (FUTA)

Medicare Tax (employer portion)

Social Security Tax (employer portion)

Federal Income Tax Withholding

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Verified step by step guidance

Understand the concept of employer payroll taxes: Employer payroll taxes are taxes that employers are required to pay based on their employees' wages. These taxes are separate from the amounts withheld from employees' paychecks.

Review the types of employer payroll taxes: Common employer payroll taxes include Federal Unemployment Tax (FUTA), Medicare Tax (employer portion), and Social Security Tax (employer portion). These are paid by the employer and are not deducted from the employee's wages.

Clarify Federal Income Tax Withholding: Federal Income Tax Withholding is not an employer payroll tax. It is the amount withheld from an employee's paycheck to cover their federal income tax liability. Employers are responsible for withholding this amount but do not pay it themselves.

Compare the options provided: Federal Unemployment Tax (FUTA), Medicare Tax (employer portion), and Social Security Tax (employer portion) are all employer payroll taxes. Federal Income Tax Withholding, however, is not paid by the employer but is deducted from the employee's wages.

Conclude the distinction: The correct answer is Federal Income Tax Withholding because it is not an employer payroll tax. It is a tax withheld from employees' wages to cover their federal income tax obligations.