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.