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Question 32 (Mandatory) (2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0% Medicare tax 1.5% State unemployment compensation tax 5.4% Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognize payroll every two weeks, Federal Unemployment Tax Payable will be:

Question 32 options:

	Credited for $75,000
	Debited for $75,000
	Debited for $12,500
	Neither debited nor credited
	Credited for $12,500

Question 33 (Mandatory) (2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0% Medicare tax 1.5% State unemployment compensation tax 5.4% Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognize payroll tax expense every two weeks, Wage Expense will be:

Question 33 options:

	Neither debited nor credited
	Debited for $75,000
	Credited for $75,000
	Credited for $12,500
	Debited for $12,500

Question 34 (Mandatory) (2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0% Medicare tax 1.5% State unemployment compensation tax 5.4% Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognize payroll tax expense every two weeks, Employees Federal Income Tax Payable will be:

Question 34 options:

	Credited for $75,000
	Debited for $75,000
	Neither debited nor credited
	Debited for $12,500
	Credited for $12,500

Question 35 (Mandatory) (2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0% Medicare tax 1.5% State unemployment compensation tax 5.4% Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognize payroll tax expense every two weeks, Employees State Income Tax Payable will be:

Question 35 options:

	Neither debited nor credited
	Debited for $12,500
	Credited for $75,000
	Debited for $75,000
	Credited for $12,500

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