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WorksheetsPayroll Section-2 Review
Total questions: 25
Worksheet time: 25mins
Each employer whom withholds income tax, social security tax, and medicare tax from employee earnings, must provide each employee with a ____________________ by January 31st.
Form W-4
Form W-2
Form 1040
Tax Table
A state tax used to pay benefits to unemployed workers is the ______________.
Social Security Tax
Medicare Tax
Federal Unemployment Tax
State Unemployment Tax
Payroll taxes that are paid by both the employer and the employee are
federal unemployment tax and social security tax
federal unemployment tax and Medicare tax
social security tax and Medicare tax
federal income tax, social security tax, and
Medicare tax
Employer payroll taxes are
expenses
assets
revenues
none of the above
All the payroll information needed to prepare payroll and tax reports is found on
Form 1040 and the employee earnings record
Form W-4
the payroll register and the employee earnings record
Tax Table
Until the amounts withheld from employee salaries are paid by the employer, they are recorded as
assets
liabilities
salary expense
revenue
Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government.
monthly
quarterly
yearly
semiannual
The expense account used to record the employer's payroll taxes (FICA, FUTA, SUTA).
Salary Expense
Payroll Tax Expense
Federal Unemployment Tax Act (FUTA)
None of the above
_____________ represents 0.8% of gross earnings
FUTA
SUTA
Social Security
Medicare
_______________ represents 5.4% of gross earnings.
FUTA
SUTA
Social Security
Medicare
Medicare is paid by both the employer and employee.
True
False
FUTA is paid by the employee only.
True
False
Which of the following is calculated based gross pay with no limits.
Social Security
FUTA
SUTA
Medicare
The limit for FUTA is __________.
$7,000
$6,200
$5,400
$8,000
When completing Form 1040, the standard deduction reduces what amount?
Taxable Income
Interest Income
FICA Income
All Income
The payroll register for the week ended May 15, for NumbersRUs Accounting showed gross salaries of $37,500 and total deductions of $17,500. The debit to the Salaries Expense for the week would be ____________.
$37,500
$17,500
$20,000
None of the above
Year to date earnings for Selena total $104,800. Assume the maximum earnings for Social Security is $106,800. Current period earnings are $3500. The amount of current earnings subject to social security are ___________.
$104,800
$106,800
$2,000
$3,500
Percy Martin has gross earnings of $3,500 and withholding's of $217 for Social Security tax, $51 for Medicare tax, and $420 for federal income tax. His employer pays $217 for Social Security tax, $51 for Medicare tax, $28 for FUTA tax, and $189 for SUTA tax. The total cost of Martin to his employer is ___________.
$485
$3,500
$4,648
$3,985
If an employee's accumulated earnings are $6,500, and the employee earns another $1,500. The amount of new earnings subject to unemployment tax is $1,500.
True
False
When completing Form 1040, the standard deduction amount for single tax payers I with no dependents $12,000.
True
False
Which is the highest tax rate of the following?
single
married filing joint
head of household
none of the above
Someone who has a child, but is not married would complete/file Form 1040 as single.
True
False
A taxpayer can be eligible for more than one filing status.
True
False
The deadline to file your annual tax return is April 15th.
True
False
An amount fixed by law which taxpayers may deduct from their gross income is called
standard deduction
withholding allowance
gross income
credit
