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

Which of the following will have no effect on an employee’s take-home pay?

The employer's contribution to Social Security taxes

An increase in the employee's health insurance premium deduction

An increase in the employee's federal income tax withholding

A change in the employee's number of withholding allowances

Previous problemNext problem

Verified step by step guidance

Understand the concept of take-home pay: Take-home pay refers to the amount of money an employee receives after all deductions, such as taxes and insurance premiums, are subtracted from their gross pay.

Analyze the employer's contribution to Social Security taxes: The employer's contribution to Social Security taxes is not deducted from the employee's paycheck. It is paid directly by the employer and does not affect the employee's take-home pay.

Evaluate the impact of an increase in the employee's health insurance premium deduction: If the employee's health insurance premium deduction increases, it will reduce the employee's take-home pay because this deduction is subtracted from their gross pay.

Assess the effect of an increase in the employee's federal income tax withholding: An increase in federal income tax withholding will reduce the employee's take-home pay, as this amount is deducted from their paycheck.

Consider the impact of a change in the employee's number of withholding allowances: A change in the number of withholding allowances can affect the amount of federal income tax withheld, which in turn impacts the employee's take-home pay.