Question 23(Mandatory)(2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0%

Medicare tax 1.5%

State unemployment compensation tax 5.4%

Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognizepayrollevery two weeks,Employees' Federal IncomeTax Payablewill be:

Question 23 options:

Neither debited nor credited

Credited for $75,000

Debited for $12,500

Debited for $75,000

Credited for $12,500

Question 24(Mandatory)(2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0%

Medicare tax 1.5%

State unemployment compensation tax 5.4%

Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognizepayrollevery two weeks,Employees' State IncomeTax Payablewill be:

Question 24 options:

Neither debited nor credited

Debited for $75,000

Credited for $12,500

Debited for $12,500

Credited for $75,000

Question 25(Mandatory)(2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0%

Medicare tax 1.5%

State unemployment compensation tax 5.4%

Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognizepayrolltax expenseevery two weeks,Payroll Tax Expensewill be:

Question 25 options:

Neither debited nor credited

Debited for $21,850

Credited for $21,850

Debited for $250,000

Credited for $250,000

Question 26(Mandatory)(2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0%

Medicare tax 1.5%

State unemployment compensation tax 5.4%

Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognizepayrolltax expenseevery two weeks,Social SecurityTax Payablewill be:

Question 26 options:

Credited for $15,000

Debited for $15,000

Credited for $3,750

Neither debited nor credited

Debited for $3,750

Question 27(Mandatory)(2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0%

Medicare tax 1.5%

State unemployment compensation tax 5.4%

Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognizepayrolltax expenseevery two weeks,MedicareTax Payablewill be:

Question 27 options:

Debited for $3,750

Neither debited nor credited

Debited for $15,000

Credited for $15,000

Credited for $3,750

Question 28(Mandatory)(2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0%

Medicare tax 1.5%

State unemployment compensation tax 5.4%

Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognizepayrolltax expenseevery two weeks,State UnemploymentTax Payablewill be:

Question 28 options:

Debited for $2,700

Neither debited nor credited

Credited for $2,700

Credited for $400

Debited for $400

Question 29(Mandatory)(2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0%

Medicare tax 1.5%

State unemployment compensation tax 5.4%

Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognizepayrolltax expenseevery two weeks,Federal UnemploymentTax Payablewill be:

Question 29 options:

Neither debited nor credited

Credited for $400

Credited for $2,700

Debited for $400

Debited for $2,700

Question 30(Mandatory)(2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0%

Medicare tax 1.5%

State unemployment compensation tax 5.4%

Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognizepayrollevery two weeks,Payroll Tax Expensewill be:

Question 30 options:

Neither debited nor credited

Credited for $75,000

Credited for $12,500

Debited for $75,000

Debited for $12,500

Question 31(Mandatory)(2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0%

Medicare tax 1.5%

State unemployment compensation tax 5.4%

Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognizepayrollevery two weeks,State Unemployment Tax Payablewill be:

Question 31 options:

Debited for $75,000

Credited for $12,500

Neither debited nor credited

Credited for $75,000

Debited for $12,500

Question 32(Mandatory)(2.5 points)

William Corp. pays its employees every two weeks. Employee wages earned over a two-week period is $250,000. All wages are subject to social security and Medicare taxes, while $50,000 of wages are subject to federal and state unemployment taxes. Tax rates are the following:

Social security tax 6.0%

Medicare tax 1.5%

State unemployment compensation tax 5.4%

Federal unemployment compensation tax 0.8%

Additionally, the total amount withheld from wages for federal income taxes is $75,000 and the total amount withheld for state income taxes is $12,500.

________________________________________

When William Corp. records the journal entry to recognizepayrollevery two weeks,Federal Unemployment Tax Payablewill be:

Question 32 options:

Credited for $12,500

Credited for $75,000

Debited for $75,000

Debited for $12,500

Neither debited nor credited