Gleim 20-23 Employment Trans Prep Proc [1] During the examination of the nancial statements of Viscount Manufacturing Corporation, the CPAs noted

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Gleim 20-23 Employment Trans Prep Proc [1] During the examination of the financial statements of Viscount Manufacturing Corporation, theCPAs noted that, although Viscount had 860 full-time and part-time employees, it had completely overlooked its responsibilities under the Federal Insurance Contributions Act (FICA). Underthese circumstances, which of the following is true? A. No liability under the act will attach ifthe employees voluntarily relinquish their rights underthe act in exchange for a cash equivalent paid directly to them. B. If the union that represents the employees has a vested pension plan covering the employeesthat is equal to or exceeds the benefits available under the act, Viscount has no liability. G. Since employers and employees owe FICA taxes and since the employer must withhold theemployees” tax from their wages as paid, Viscount must remit to the government a tax equal tothe amount assessed directly against the employer and the employee. D. The act does not apply to the part-time employees. [21 The Social Security Act provides for the imposition of taxes and the disbursement of benefits. Which of the following is a true statement regarding these taxes and disbursements in the currentyear? A. Only those who have contributed to Social Security are eligible for benefits. B. As between an employer and its employee, the tax rates are the same. 0. A deduction for federal income tax purposes is allowed the employee for Social Securitytaxes paid. D. Social Security benefits are fully inoludible in gross income fortederal income tax purposesunless they are disability benefits. [3] The federal Social Security Act A. Does not apply to self-employed persons. B. Excludes professionals such as accountants, lawyers, and doctors. C. Provides for a deduction for Social Security taxes paid by the employee that is availableagainst his or her federal income tax. D. Provides that bonuses and commissions paid as compensation are included as wages in thecalculation of employer-employee contributions.

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