3. The effective federal unemployment tax rate is usually a. b. C. d. 6.2%. 0896. 5.4%. 8.096. 4. Which one of the following payroll taxes does not result in a payroll tax expense for the employer? a. FICA tax b. Federal income tax d. State unemployment tax 5. Assuming a FICA tax rate of 765% on the first $117,000 in wages and 145% in excess of $117,000 and a federal income tax rate of 20% on all wages, what would be an employee's net pay for the year if he earned $180,000? Round all calculations to the nearest dollar a $134,867 b. $135,050 c. $144,000 d. $133,953 6. FICA taxes do not provide workers with a. life insurance b. supplemental retirement. c. employment disability d. medical benefits. APPENDIX K 1. Brekke and Fig decide to organize a partnership. Brekke invests $30,000 cash, and Fig contributes $24,000 cash and equipment having a book value of $12,000. Choose the entry to record Fig's investment of $18,000. a. Cash.... in the partnership assuming the equipment has a fair value 24,000 Equipment ig Capital. Fig, Capital Fig, Capital 2,000 12,000 24,000 24,000 36,000 12,000 24,000 b. Equipment c. Cash.... d. Cash. Equipment 18,000 Fig, Capital .. 42,000 Which one of the following would not be considered an expense of a partnership in determining income for the period? a. Expired insurance b. Salary allowance to partners c. Supplies used d. Freight-out 2