20. The amount of federal income taxes withheld from an employee\'s paycheck is
ID: 2589804 • Letter: 2
Question
20. The amount of federal income taxes withheld from an employee's paycheck is determined by: A) Current carnings for the pay period and number of withholding allowances the employce claims. B) The employer's merit rating. C) The amount of social security taxes withheld. D) Multiplying the gross pay by 6.2%. E) Tax tables provided by the state in which the employee works. 21. Prepaid expenses are generally: A) Payments made for products and services that do not ever expire B) Classified as liabilities on the balance sheet. C) Decreases in cquity D) Assets that represent prepayments of future expenses. E) Promises of payments by customers. 22. Able Graphics received a S400 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following gencral jounal entrics will Able Graphics make to record this transaction? A) Utilities Expense 400 as 400 B) Cash Utilities Expense C) Utilities Expense 400 Accounts Payable 400 D) Accounts Payable Utilitics Expensc E) Utilities Payable Cash 400Explanation / Answer
20 Federal income taxes withheld is determined by current earnings for pay period and mumber of withholding allowances the employee claims 21 prepaid expenses are generally assets that represent prepayments of future expenses 22 Utilities expense 400 Accoounts Payable 400
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