Gainesville Truck Center This company has a weekly payroll of $10,000 for its employees who work Monday through Friday.Federal and state income taxes are withheld in the amounts of $1,700 and $400,respectively,and FICA taxes are withheld at a mandatory rate of 7.65% (6.2% for Social Security and 1.45% for Medicare).In addition,the federal and state unemployment taxes are applied at rates of 2% and 5%,respectively.The company's year-end is December 31.
-Refer to Gainesville Truck Center.Which of the following expense accounts will be recorded as a result of this payroll transaction?
$\begin{array}{llcc}
1& \text { Wages Expense } \
2& \text { Federal Unemployment Tax Expense } \
3& \text { State Unemployment Tax Expense } \
4& \text {Social Security Tax Expense } \
5& \text { Medicare Tax Expense } \
\end{array}$

Question

Gainesville Truck Center This company has a weekly payroll of $10,000 for its employees who work Monday through Friday.Federal and state income taxes are withheld in the amounts of $1,700 and $400,respectively,and FICA taxes are withheld at a mandatory rate of 7.65% (6.2% for Social Security and 1.45% for Medicare).In addition,the federal and state unemployment taxes are applied at rates of 2% and 5%,respectively.The company's year-end is December 31.
-Refer to Gainesville Truck Center.Which of the following expense accounts will be recorded as a result of this payroll transaction?
$\begin{array}{llcc}
1&  \text { Wages Expense }  \
2&  \text { Federal Unemployment Tax Expense }  \
3&  \text { State Unemployment Tax Expense }  \
4&  \text {Social Security Tax Expense }  \
5&  \text { Medicare Tax Expense }  \
\end{array}$

Quizplus · Accepted Answer

All of the accounts are needed to record the company's payroll.

Gainesville Truck Center This Company Has a Weekly Payroll of $10,000