Question : 70.The current portion of long-term debt should be reported: A. Separately in : 1259447

 

 

70.The current portion of long-term debt should be reported:   

A. Separately in the long-term liabilities section of the balance sheet.

 

B. In the long-term liabilities section of the balance sheet, along with the other long-term debt.

 

C. In the current liabilities section of the balance sheet.

 

D. In a separate section of the balance sheet, between long-term liabilities and shareholders’ equity.

 

 

 

 

71.Employers are required to pay all of the following on the wages paid to each employee except:   

A. Social security taxes.

 

B. Worker’s compensation insurance.

 

C. Medicare taxes.

 

D. Health insurance benefits.

 

 

 

 

72.The Social Security tax paid by an employer is:   

A. Greater than the amount paid by the employee.

 

B. Less than the amount paid by the employee.

 

C. Equal to the amount paid by the employee.

 

D. The employer does not pay Social Security tax, only the employee pays the tax.

 

 

 

 

73.Which of the following payroll costs are shared equally by the employer and the employee?   

A. State unemployment taxes.

 

B. Workers’ compensation.

 

C. Social security.

 

D. Federal unemployment taxes.

 

 

 

 

74.An employer’s total payroll-related costs always exceed the wages and salaries earned by employees by:   

A. Amounts withheld from employees’ pay.

 

B. Payroll taxes and mandated programs such as workers’ compensation insurance.

 

C. 50%.

 

D. Employers’ payroll-related costs actually are less than the gross wages and salaries earned by employees, because of amounts withheld from employees’ checks.

 

 

 

 

75.The amounts that a business withholds as taxes from an employee’s earnings:   

A. Represent payroll taxes expense to the employer.

 

B. Are deposited in an interest-bearing account until the employee is terminated.

 

C. Represent miscellaneous revenue to the employer.

 

D. Represent current liabilities to the employer.

 

 

 

 

 

76.Refer to the information above. Which of the following is the largest payroll-related expense incurred by Girard?   

A. Group health insurance premiums.

 

B. Income taxes expense.

 

C. The employer’s share of social security taxes.

 

D. Wages and salaries expense.

 

 

 

 

77.Refer to the information above. Which of the following represents the second largest payroll related expense incurred by Girard?   

A. Group health insurance premiums.

 

B. Income taxes expense.

 

C. The employer’s share of social security taxes and Medicare taxes.

 

D. Wages and salaries expense.

 

 

 

 

78.Refer to the information above. Which of the following represents the largest amount withheld from employees’ paychecks?   

A. Workers’ compensation insurance.

 

B. Social Security and Medicare.

 

C. Personal income taxes.

 

D. Group health insurance.

 

 

 

 

79.Which of the following payroll taxes do not stop once an employee reaches a certain level of income:   

A. Medicare taxes.

 

B. Social security taxes.

 

C. Unemployment taxes.

 

D. Medicare, Social security, and unemployment taxes.