Question

In: Accounting

Under the Federal Unemployment Tax Act (FUTA), __________ pay taxes to the __________, which deposit the...

Under the Federal Unemployment Tax Act (FUTA), __________ pay taxes to the __________, which deposit the money into the __________ government’s Unemployment Insurance Fund.

Multiple Choice

  • employees, states, federal

  • employers, states, federal

  • employees, federal government, state

  • employers, federal government, state

Solutions

Expert Solution

Under the Federal Unemployment Tax Act (FUTA), employers pay taxes to the states which deposit the money into the federal government’s Unemployment Insurance Fund.
The responsibility for payment of Federal Unemployment Tax lies with the employer.
employers, states, federal is correct option

ekkarill92 answered 3 years ago
Next > < Previous

Related Solutions

There are two types of taxes: Federal tax and province tax. 1.Federal taxes: Assume that the...
There are two types of taxes: Federal tax and province tax. 1.Federal taxes: Assume that the share of income $35,000 and below is federally taxed at 15%, the share of income between $35,000 and $100,000 is taxed at 25%, and the share of income over $100,000 is taxed at 35%. (i.e an income over$ 100,000 is taxed as follows: -The portion of income up to and including the first $35,000 is federally taxed at 15%. -The portion of income between...
Which of the following statements about payroll taxes is true? A : Federal and state unemployment...
Which of the following statements about payroll taxes is true? A : Federal and state unemployment taxes are paid by employers to the taxing authority and are recorded as salaries and wages expense. B : Federal and state unemployment taxes are paid by employers to the taxing authority and are recorded as payroll tax expenses. C : Federal and state unemployment taxes are paid by employers to employees at the time they leave the company and are recorded as salaries...
Pay your taxes: According to the Internal Revenue Service, the proportion of federal tax returns for...
Pay your taxes: According to the Internal Revenue Service, the proportion of federal tax returns for which no tax was paid was =p0.326. As part of a tax audit, tax officials draw a simple sample of =n140 tax returns. Use Cumulative Normal Distribution Table as needed. Round your answers to at least four decimal places if necessary. Part 1 of 4 (a)What is the probability that the sample proportion of tax returns for which no tax was paid is less...
For each of the described pay periods, determine the taxable earnings subject to FUTA tax: NOTE:...
For each of the described pay periods, determine the taxable earnings subject to FUTA tax: NOTE: For simplicity, all calculations throughout this exercise, both intermediate and final, should be rounded to two decimal places at each calculation. A business employs two individuals, whose taxable earnings to date (prior to the current pay period) are $3,000 and $31,400. During the current pay period, these employees earn $3,300 and $1,450, respectively. Taxable earnings subject to FUTA tax:
when filing your federal tax return, which will cause taxes to be lower?
when filing your federal tax return, which will cause taxes to be lower?
Mutual funds a. distribute earnings to receive favorable tax treatment . b. pay federal income taxes....
Mutual funds a. distribute earnings to receive favorable tax treatment . b. pay federal income taxes. c. pay taxes only on capital gains. d. pay only state and local taxes.
Wage and Tax Statement Data on Employer Federal Insurance Contributions Act tax used to finance federal...
Wage and Tax Statement Data on Employer Federal Insurance Contributions Act tax used to finance federal programs for old-age and disability benefits (social security) and health insurance for the aged (Medicare).FICA Tax Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives...
Federal unemployment compensation tax is a tax that is paid only by employers. True False
Federal unemployment compensation tax is a tax that is paid only by employers. True False
Under the Tax Cuts and Jobs Act (TCJA) which of the following statements is true regarding...
Under the Tax Cuts and Jobs Act (TCJA) which of the following statements is true regarding changes to charitable contributions? A. The new law provides that for charitable contributions made after December 31, 2017 until January 1, 2026, the limitation for cash contributions to public charities and certain private foundations is decreased to 25% of adjusted gross income (AGI) B. A charitable deduction is allowed for any payment to an institution of higher education in exchange for which the payor...
Describe the groups that make up the Federal Reserve created under the Federal Reserve Act of...
Describe the groups that make up the Federal Reserve created under the Federal Reserve Act of 1914 (board of governors, district banks, federal open market committee (FOMC)).
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT