WorksheetsAcct Ch 12 & 13 - Payroll
Total questions: 37
Worksheet time: 19mins
If the payroll register includes ________, it provides all the information needed to journalize payroll and payroll taxes.
accumulated earnings
gross earnings for the current pay period
When using a separate payroll checking account, a business deposits the total of _____ into that account each payroll run.
gross wages
net pay
Federal unemployment insurance laws require that ____ pay taxes for unemployment compensation.
employers and employees
employers only
The transaction to record employer payroll taxes expense is journalized ____.
at the end of the month following the quarter
immediately after recording the Salary Expense transaction
The timing of required payroll tax payments ____.
is based on the amount owed.
depends on if you have to collect sales tax.
Which statement in TRUE
The tax base for Medicare tax is the same as the tax base for social security tax.
There is no tax base for Medicare tax.
When an employee’s earnings exceed the tax base, ____
no more tax is due from employee or employer
no more tax is due from the employee ONLY.
The employer social security tax rate is the same as the employee social security tax rate.
Amounts withheld from employee salaries for reasons other than taxes, (ex: Health insurance, retirement contributions, etc.) are ____ for the business
expenses
Liabilities
Payroll taxes (Income tax, SS tax, Medicare tax, etc.) withheld from employees’ earnings are recorded as
expenses
liabilities
Taxes an employer must pay on their P/R (Employer payroll taxes) are
expenses
liabilities
Each employer must file a ________ federal tax return (Form 941) showing the federal income tax, social security tax, and Medicare tax due the government
monthly
quarterly
The tax base for unemployment taxes is $7,000 and an employee’s accumulated earnings are $6,500.00. The employee earns another $1,500.00 this period. The amount of new earnings subject to unemployment tax is
$ 1500
$ 500
In general, most employers are required to submit payment (tax deposit) for Employee Income Tax, SS Tax, and Medicare Tax by the ____ following the payroll date
15th of the month
end of the month
In general, most employers are required to submit payment of unemployment taxes by the ______ following the payroll date
monthly
quarterly
In the journal entry to record payment of FUTA tax ...
Dr: FUTA liability
Cr: FUTA liability
In the journal entry to record employer payroll taxes ...
Dr: Payroll Tax Expense
Cr: Payroll Tax Expense
_____ is/are subject to a tax base
Social Security and Medicare tax
Social Security tax only
In the journal entry for payroll, the amount debited to Salary Expense is the total of the ____ column of the payroll register.
Net Pay
Total earnings
In the journal entry for a payroll, the amount credited to Cash is the amount of the _____.
Net pay
Total Earnings
In the journal entry for a payroll, the monies withheld from employees’ earnings are recorded as ____
Cash
Liabilities
11/15/18
12/15/18
FUTA and SUTA tax for a 11/7/18 payroll was due to be paid by 12/31/18
12/31/18
1/31/19
Social Security Tax is paid by ...
employee
employer
both
neither
Medicare Tax is paid by ...
employee
employer
both
neither
Income tax on Employee Earnings is paid by ...
employee
employer
both
neither
FUTA is paid by ...
employee
employer
both
neither
SUTA is paid by ...
employee
employer
both
neither
(vocab) The payment of payroll taxes to the government is referred to as a ____
tax reimbursement
tax deposit
(vocab) The total earnings subject to federal unemployment tax is referred to as ____
unemployment taxable earnings
accumulated earnings
(vocab) The total amount an employee has earned from the beginning of the year to a given date is referred to as ____
gross earnings
accumulated earnings
(vocab) An accounting form that summarizes the earnings, deductions, and net pay for each employee for one pay period is called a __
W2
payroll register
(vocab) Employee Income tax, SS Tax, and Medicare taxes are known as ____
941 taxes or FICA taxes
unemployment taxes
What is the difference in Gross Pay and Net Pay
Gross pay describes your pay after deductions; net pay is before.
Gross and net pay are the same.
Net pay describes your pay after deductions; gross pay is before.
Gross pay describes when you do not get paid enough; net pay is the amount of your check
