WorksheetsAccounting
Total questions: 25
Worksheet time: 50mins
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.
The Total Earnings column total of a payroll register is journalized as a debit to
Cash
Salary Expense
Employee Income Tax Payable
Social Security Tax Payable
The total of the Federal Income Tax column of a payroll register is journalized as a credit to
Cash
Salary Expense
Employee Income Tax Payable
Social Security Tax Payable
The total of the Net Pay column of the payroll register is credited to
a revenue account
an expense account
an asset account
a liability account
When the 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
Employer payroll taxes are
assets
expenses
revenues
none of these
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
A tax paid to administer the Federal unemployment program is the
social security tax
Medicare tax
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 941
Each employer is required by law to report payroll taxes on an
IRS Form W-2
IRS Form 941
IRS Form W-4
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 debited is
a revenue account
an expense account
a liability account
an asset account
Look at the W-2 answer True or False. John Butler’s total salary is more than his total social security salary.
True
False
Look at the W-2 answer True or False. This Form W-2 shows John Butler’s net pay for the entire year.
True
False
Look at the W-2 answer True or False. The amount withheld for Mr. Butler’s social security tax was more than
the amount withheld for his federal income tax.
True
False
Look at the W-2 and answer True or False. State income tax was withheld from Mr. Butler’s salary.
True
False
Look at the W-2 and answer True or False. All deductions from Mr. Butler’s salary for taxes and retirement plan contributions are shown on his Form W-2.
True
False
Look at the W-2 and answer True or False. This Form W-2 would indicate whether Mr. Butler had more than one employer during the year.
True
False
Look at the W-2 and answer True or False. If an employee works for several employers during the year, that employee must receive a Form W-2 from each employer.
True
False
Look at the W-2 and answer True or False. An employer is required to provide employees with a Form W-2 no later than January 31 of the year following the one for which the report has been completed.
True
False
Look at the W-2 and answer True or False. When John Butler files his federal income tax return, he must attach Copy A of Form W-2 to his return.
True
False
Look at the W-2 and answer True or False. Businesses in states with state income tax must prepare additional copies of Form W-2.
True
False
