Review Payroll Accounting

The document that records all employees total earnings as well as total deductions is the

• Payroll Register
• Employee Earnings Record
• Payroll Tax Record
• Gross Pay Calculator

An employees earnings after all taxes and optional deductions are taken out is called

• Gross pay
• Net Pay
• Total Earnings
• Total deductions

The form used to record an individual employees total earnings and total deductions is called the

• Payroll register
• Employee Earnings Record
• Gross Pay calculator
• Income Tax Accumulation

Deductions a business makes from its employees earnings (such as Fed Inc Tax) are recorded in a journal as ____________ to the business.

• Assets
• Expenses
• Liabilities
• Equities

Which account is debited when a business records it employee payroll?

• Salaries Expense
• Payroll Tax Expense
• Cash
• Salaries Payable

What % is withheld from employees to pay for Social Security?

• 1.45%
• 3.75%
• 5%
• 6.2%

How much is withheld from employees earnings to pay for Medicare Tax?

• 1.45%
• 5%
• 6.2&
• 8%

True or False..  State Income Tax is collected in all 50 states.

• True
• False

The form employees fill out before they start to declare how many allowance they want is the

• W-2
• W-4
• 1099
• 1040EZ

Paying an employee a set amount each pay period is called a

• Piece Rate
• Hourly Wage
• Salary
• Commission