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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Amounts withheld from an employee's gross pay are called:

Employer contributions

Net pay

Payroll deductions

Gross earnings

Previous problemNext problem

Verified step by step guidance

Understand the concept of gross pay: Gross pay refers to the total earnings of an employee before any deductions are made, including wages, salaries, bonuses, and other compensation.

Learn about payroll deductions: Payroll deductions are amounts withheld from an employee's gross pay by the employer. These deductions can include taxes (e.g., federal income tax, Social Security tax), benefits (e.g., health insurance premiums, retirement contributions), and other mandatory or voluntary deductions.

Differentiate between employer contributions and payroll deductions: Employer contributions are amounts paid by the employer on behalf of the employee, such as matching retirement contributions or paying for health insurance. Payroll deductions, on the other hand, are subtracted from the employee's gross pay.

Understand net pay: Net pay is the amount an employee receives after all payroll deductions have been subtracted from their gross pay. It is also referred to as 'take-home pay.'

Recognize the correct term: The amounts withheld from an employee's gross pay are specifically referred to as 'payroll deductions,' as they represent the deductions made by the employer from the employee's earnings.