Accounting Chapter 13 MC

Until the amounts withheld from employee salaries are paid by the employer, they are recorded as (A) assets. (B) liabilities. (C) salary expense. (D) revenue.

B

The payment of payroll taxes to the government is referred to as a (A) tax reimbursement. (B) transfer payment. (C) deposit. (D) tax fulfillment.

C

The total earnings subject to federal unemployment tax is referred to as (A) unemployment taxable earnings. (B) taxable earnings. (C) gross earnings. (D) total earnings.

A

Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. (A) monthly (B) quarterly (C) yearly (D) semiannually

B

Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year. (B) January 1 of the following year. (C) January 15 of the following year. (D) January 31 of the following year.

D

The source document for paying employee income tax and social security and Medicare tax is (A) a check. (B) a receipt. (C) a memorandum. (D) none of these.

A

In general, employers are required to pay state unemployment taxes (A) monthly. (B) during the month following each calendar quarter. (C) annually. (D) none of these.

B

The source document for paying state unemployment tax is (A) a check. (B) a receipt. (C) a memorandum. (D) none of these.

A

A state tax used to pay benefits to unemployed workers is (A) social security tax. (B) Medicare tax. (C) federal unemployment tax. (D) state unemployment tax.

D