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WorksheetsAccounting Chapter 12 & 13 Review - Part 2
Total questions: 20
Worksheet time: 13mins
All the payroll information needed to prepare payroll and tax reports is found on
Form W-4 and the employee earnings record
Form W-4 and the payroll register
the payroll register and the employee earnings record
Form W-4
The payroll journal entry is based on the totals of the payroll register
Total Earnings column, each deduction column, and the Net Pay column
Total Earnings, Earnings Regular, Earnings Overtime, and Deductions Total columns
Earnings Regular, Earnings Overtime, and Deductions Total columns
Total Earnings, Earnings Regular, and Earnings Overtime Total columns
What information is taken from a Form W-4 to calculate an employee's Federal Income Tax contribution? (If more than one answer, separate with a semi-colon.)
(a)
The Total Earnings column total of a payroll register is journalized as a
debit to Cash
debit to Salary Expense
credit to Cash
credit to Salary Expense
The total of the Federal Income Tax column of a payroll register is
credited to an expense account
credited to a liability account
debited to an expense account
debited to a liability account
The total of the Net Pay column of the payroll register is
debited to an asset account
debited to an expense account
credited to an asset account
credited to an expense account
Who has the power to change the social security tax base and rate at any time?
Social Security Administration
Internal Revenue Service
Department of Treasury
Congress
Employer payroll taxes are
assets
expenses
liabilities
revenues
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
When a semimonthly payroll is paid, the credit to Cash is equal to the
total earnings of all employees
total deductions for income tax and social security tax
total deductions
net pay of all employees
A tax paid to administer the unemployment program is the
social security tax
Medicare tax
federal unemployment tax
state unemployment tax
A state tax used to pay benefits to unemployed workers is the
social security tax
Medicare tax
federal unemployment tax
state unemployment tax
An employee's earnings subject to unemployment taxes are referred to as
gross earnings
net earnings
FUTA earnings
accumulated earnings
Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an
IRS Form W-4
IRS Form W-2
IRS Form W-3
IRS Form W-4
Each employer is required by law to report payroll taxes on an
IRS Form W-4
IRS Form 941
IRS Form W-2
IRS Form W-3
The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the
W-2
Form 941
W-3
W-4
To record the payment of federal unemployment tax, the account(s) debited is
a revenue account
an expense account
a liability account
an asset account
Total earnings are sometimes referred to as
(a)
Payroll taxes withheld represent a(n) __ for an employer until payment is made to the government.
asset
liability
expense
revenue
At the end of November, Hal's accumulated earnings totaled $107,000. He made $1,100 in the first December pay period. How much will be withheld for Social Security and Medicare taxes?
Social Security - $68.20
Medicare -
$15.95
Social Security - $6,702.20
Medicare - $1,567.45
Social Security - $0
Medicare - $15.95
Nothing for neither Social Security nor Medicare
