1) An employees net pay is less than their gross pay because of:

The deduction of corporate income taxes

Both a and c above

The deduction of payroll taxes

The employers share of Social Security and Medicare

2) The taxes a business pays on its profits are known as:

Group of answer choices

Sale taxes

Income taxes

Excise taxes

Value added taxes

3) The IRS allows assets can be depreciated using all of the following methods except:

Tax depreciation

Accelerated depreciation

Straight-line depreciation

Section 179 depreciation

4) Which of the following is not typically a set up cost of a new business?

Paying the lawyer to file incorporation papers

Paying two months rent up front

Paying the accountant to complete the year end financial statements

Paying a designer to design a company logo