Indicate whether each of the following statements is true or false.
________ a)The amount of federal tax withheld from an employee's salary depends on the employee's gross pay and the number of withholding allowances the employee claims.
________ b)Withheld taxes are recorded in the payroll tax expense account.
________ c)An employer will submit $8,250 in FICA taxes for an employee who earns $55,000 annually.(Assume a Social Security rate of 6 percent on the first $110,000 of income and a Medicare rate of 1.5 percent on all earnings. )
________ d)A voluntary deduction,such as a charitable contribution,creates a liability when it is withheld from employee pay.
________ e)If an employer records gross pay of $2,400 and withholds $700 of that amount,then the employer will recognize $1,700 in salary expense.

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The Answer of Indicate whether each of the following statements is true or false.
________ a)The amount of federal tax withheld from an employee's salary depends on the employee's gross pay and the number of withholding allowances the employee claims.
________ b)Withheld taxes are recorded in the payroll tax expense account.
________ c)An employer will submit $8,250 in FICA taxes for an employee who earns $55,000 annually.(Assume a Social Security rate of 6 percent on the first $110,000 of income and a Medicare rate of 1.5 percent on all earnings. )
________ d)A voluntary deduction,such as a charitable contribution,creates a liability when it is withheld from employee pay.
________ e)If an employer records gross pay of $2,400 and withholds $700 of that amount,then the employer will recognize $1,700 in salary expense.

Indicate Whether Each of the Following Statements Is True or False