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WorksheetsChapter 13 Review
Total questions: 24
Worksheet time: 20mins
In each pay period, the payroll information for each employee is recorded on his or her employee earnings record.
(a)
The payroll register provides all the payroll information needed to prepare a payroll.
(a)
A business deposits the total of gross wages in a separate payroll checking account.
(a)
Employer payroll taxes are business expenses.
(a)
The employer social security tax rate is different than the employee social security tax rate.
(a)
Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation.
(a)
The transaction to record employer payroll taxes expense is journalized at the end of the quarter.
(a)
Each employer is required by law to periodically report the payroll taxes withheld from employee salaries.
(a)
The timing of payroll tax payments is based on the amount owed.
(a)
Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes.
(a)
In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register.
(a)
The tax base for Medicare tax is the same as the tax base for social security tax.
(a)
If an employee's accumulated earnings are $6500.00, and the employees' federal income tax and social security and Medicare taxes on the next banking day.
(a)
Some employer must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day.
(a)
Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement.
(a)
Until the amounts withheld from employee salaries are paid by them employer, they are recorded as:
assets
liabilities
salary expense
revenue
They payment of payroll taxes to the government is referred to as a
tax reimbursement
transfer payment
deposit
tax fulfillment
The total earnings subject to federal unemployement tax is referred to as
taxable earnings
gross earnings
total earnings
unemployment tax earnings
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
semiannually
Employers are required to furnish each employee with an annual statement of earnings and withholdings before
December 31 of the current year
January 1 of the following year
January 15 of the following year
January 3 of the following year
The Source document for paying employee income tax and social security and Medicare tax is
a check
a receipt
a memorandum
none of these
In general, employers are required to pay state unemployment taxes
monthly
during the month following each calendar quarter
annually
none of these
The source document for paying state unemployment tax is
a check
a receipt
a memorandum
none of these
A state ta used to pay benefits to unemployed workers is
social security tax
Medicare tax
unemployment tax
state unemployment tax
