Accounting Summative

All payroll information needed to prepare payroll and tax reports is found on …

The payroll register and the employee earnings record

The payroll journal entry is based on the totals of the payroll register…

Total earnings column, each deduction column, and the Net Pay column

The total earnings column of a payroll register is journalized as a debit to …

Salary Expense

The total of the federal income tax column of the payroll register is credited to…

a liability account

The total of the net pay column of the payroll register is credited to the …

an asset account

When a semimonthly payroll is paid, the credit to Cash is equal to the…

net pay of all employees

Employer payroll taxes are…

Neither assets, expenses, or revenues.

Payroll taxes that are paid by both the employer and the employee are…

Social security tax and medicare tax.

A tax paid to administer the unemployment program is the…

federal unemployment tax

A state tax used to pay benefits to unemployed workers is the…

state unemployment tax

An employee’s earnings subject to unemployment taxes are referred to as…

FUTA earnings

each employer who withholds income tax, social security tax, and medicare tax from employee earnings must furnish each employee with an…

IRS FORM W-2

Each employer is required by law to report payroll taxes on an..

IRS form 941

The form used to report annual earnings and payroll taxes for all employees to the social security administration is the…

W-3

To record the payment of federal unemployment tax, the account debited is..

a liability account

T or F?- in each pay period, the payroll information for each employee is recorded on each employee earnings record

T

T or F?- The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll

T

T or F?- The source document for payment of a payroll is the time card

F

T or F?- Employer payroll taxes are business expenses

T

T or F?- The employer social security tax rate is not the same as the employee social security tax rate

F

T or F?- Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation

F

T or F?- The transaction to record employer payroll taxes expense is journalized at the end of the quarter

F

T or F?- Each employer is required by law to periodically report the payroll taxes withheld from employee salaries

T

T or F?-The timing of payment of tax payments is based on the amount owed

T

T or F?- Federal unemployment tax is usually paid each month

F

T or F?- 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

F

T or F?- The tax base for medicare tax is usually the same as the tax base for social security tax

f

T or F?- If an employee’s accumulated earnings are 6500 and the employee earns another 1500, the amount of new earnings subject to unemployment tax is 1500.

f

T or F?- Some employers must deposit payments for withheld employees’ federal income tax and social security and medicare taxes on the next banking day

T

T or F?- Each employer who withholds income tax and social security and medicare tax from employee salaries must furnish each employee with a quarterly statement

F

Until the amounts withheld from employee salaries are paid by the employer, they are recorded as…

liabilities

Employers are required to furnish each employee with an annual statement of earnings and withholdings before…

January 31 of the following year.

The entry to journalize paying a semimonthly payroll less deductions for employee income tax, social security and medicare tax, and us.s. savings bonds is a credit to cash and the liability accounts and a debit to…

salary expense

The total earnings subject to federal unemployment tax is referred to as…

unemployment taxable earnings

Each employer must file a federal tax return showing the federal income tax and social security and Medicare taxes due the government….

quarterly

The source document for paying employee income tax and social security and medicare tax is…

A check

In general, employers are required to pay state unemployment taxes…

During the month following each calendar quarter.

The source document for paying state unemployment tax is…

A check

A state tax used to pay beenfits to unemployed workers is…

state unemployment tax