The frequency of deposits of federal income taxes withheld and social security and Medicare taxes is determ- ined by the amount owed . ____ 2 . A business pays the social security tax at the same rate and on the same taxable wages as its employees . ____ 3 . The entry to record the social security and Medicare taxes levied on a business includes a debit to Payroll Taxes Expense . ____ 4 . Form 941 , which is used to report employee earnings , the federal income taxes withheld , and the social secur- ity and Medicare taxes payable , must be filed each time a firm makes a required deposit of the taxes due . ____ 5 . FUTA tax , like social security tax , is levied on both the employer and the employee and so is withheld from employee 's pay . ____ 6 . For the purpose of internal control , only the person who prepared them should distribute payroll checks . ____ 7 . The entry to record the employer 's payroll taxes would include a debit to an expense account and a credit to one or more liability accounts . ____ 8