Use of Generally Accepted Accounting Principles (GAAP) and auditors have eliminated the danger of inadvertent or deliberate fraud in financial statements

Taxes payable under the Federal Unemployment Tax Act (FUTA) are

A. Calculated as a fixed percentage of all compensation paid to an employee. B. Deductible by the employer as a business expense for federal income tax purposes. C. Payable by employers for all employees. D. Withheld from the wages of all covered employees.

Which of the following statements is true of exemptions to minimum wage and overtime pay requirements?

A) Apprentices must be paid minimum wage. B) Learned professionals generally need not be paid minimum wage. C) Workers involved in hazardous activities need not be paid minimum wage. D) Employees in law enforcement and medical sectors need not be paid minimum wage.