True or False

$1.$ Sign into your QBO account to open the sample company Wild Water Sports.

$2.$ A minimum of two general ledger accounts are required to record payroll transactions.

$3.$ Gross payroll is recorded in the Payroll $($expense$)$ account.

$4.$ The Social Security $($OASDI$)$ tax rate of $6\mathrm{.}2\%$ is applied to a specified wage base limit that is adjusted each year.

$5.$ The Medicare tax rate of $1\mathrm{.}45\%$ is applied to a specified wage base limit that is adjusted each year.

$6.$ Employer match of employee Social Security and Medicare taxes are recorded as a credit to the Payroll $($expense$)$ account.

$7.$ Federal and State governments provide formulas and$/$or tables to calculate tax withholdings.

$8.$ When entering Payroll Tax Payable in the "Check" screen of QBO, enter the tax amount as a negative number.

$9.$ Recurring payroll events are fixed transactions that can not be edited for payroll changes.

$10.$ The General Journal will reflect a credit to an asset account for the net amount of employee pay.

$11.$ The combined employee$/$employer Social Security and Medicare $($FICA$-$Federal Insurance Contribution Act$)$ tax rate is $15\mathrm{.}30\%.$

$12.$ Ultimately, business owners are responsible for payment of employment taxes even if a business owner subordinates employment tax payment responsibility to a manager, an accounting firm or other person or entity,