Accounting II - Chapter 13

In each pay period, the payroll information for each employee is recorded on his or her employee earnings record.

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• False

 The payroll register provides all the payroll information needed to prepare a payroll.

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• False

A business deposits the total of gross wages in a separate payroll checking account.

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• False

Employer payroll taxes are business expenses.

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• False

The employer social security tax rate is different than the employee social security tax rate.

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• False

 Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation.

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• False

The transaction to record employer payroll taxes expense is journalized at the end of the quarter.

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• False

Each employer is required by law to periodically report the payroll taxes withheld from employee salaries.

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• False

The timing of payroll tax payments is based on the amount owed.

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• False

Form W-2 reports an employee’s annual earnings and the with-holdings for federal income, social security, and Medicare taxes.

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• False