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 a mandatory payroll deduction?

Federal income tax

Charitable contributions

Union dues

Voluntary retirement plan contributions

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Verified step by step guidance

Understand the concept of mandatory payroll deductions: These are amounts that employers are legally required to withhold from an employee's paycheck. Examples include federal income tax, Social Security tax, and Medicare tax.

Review the options provided in the question: Federal income tax, Charitable contributions, Union dues, and Voluntary retirement plan contributions.

Analyze each option: Federal income tax is a mandatory deduction required by law. Charitable contributions, Union dues, and Voluntary retirement plan contributions are optional and depend on the employee's choice.

Focus on identifying the legally required deduction: Federal income tax is mandated by the government and must be withheld by employers.

Conclude that the correct answer is Federal income tax, as it is the only mandatory payroll deduction among the options provided.