Objective questions true or false? What are the answers? What are the remaining answers?

1. T Certain employes of a business may be exempt from the overtime requirement of the Fair Labor Standards Act. 2. F FICA-HI uses the same wage base, as does FICA-OASDI 3. T F Another name for take home pay is gross earnings. 4. T F FUTA tax is paid equally by the employer and employee 5. T F Form 941 is used to report all FICA taxes and the FIT withheld from employees' pay. 6. T F Employers must file Form 941 for each quarter during a calendar year. 7. T F Form 940 is used to report both FUTA and SUTA taxes to the government. 8. T F When a note is issued, the payees journal entry involves a debit to notes receivable. 9. T F The party to be paid on the maturity date of a note is referred to as the maker. 10. T F The principal amount of a note is the amount of money borrowed