True / False _____1. Unemployment taxes (FUTA and SUTA) do not have to be paid b

Question

True / False _____1. Unemployment taxes (FUTA and SUTA) do not have to be paid by an employer who has only part-time employees. _____2. For FUTA purposes, the cash value of remuneration paid in any medium other than cash is not considered taxable wages. _____3. Retirement pay is taxable wages for FUTA purposes. _____4. There is a uniform rate of unemployment benefits payable by all states. _____5. FUTA tax deposits cannot be paid electronically. _____6. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. _____7. The payroll taxes incurred by an employer are FICA, FUTA, and SUTA _____8. At the time that the entry is made to record the employer’s payroll taxes, the SUTA tax is recorded at the net amount (0.6%). _____9. Since vacation time is paid when used, there is no need to accrue this time in a liability account at the end of each accounting period. _____10.Posting to the general ledger for payroll entries is done only at the end of each calendar year.

Explanation / Answer

1).False

2).False

3).False

4).False

5).False

6).True

7).True

8)/False

9).False

10).True

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