Accounting Ch 14
False
Calculating federal and state unemployment tax is complicated because the stae and federal unemployment tax regulations use different tax bases.
True
Each employer is required by law to periodically report the payroll taxes withheld from employee salaries.
quarterly
Each employer must file a federal tax return showing the federal income tax and social security and Medicare taxes due the government _____________.
False
Each employer who withholds inocme tax and social security and medicare tax from employee salaries must furnish each employee with a quarterly statement.
True
Each pay period the payroll info for each employee is reocrded on each employee earnings record.
True
Employer payroll taxes are bsuiness expenses
True
Employer payroll taxes expense is based on a percentage of employee earnings.
January 31 of the following year
Employers are required to furnish each employee with an annuals statement of earnanigns and withholdings before ____________.
False
Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation.
False
Federal unemployment tax is usually paid each month.
False
If an employee's accumulated earnings are $6,500, and the employee earns another $1500, the amount of new earnings subject ot unemployment tax is $1500.
during the month following each calendar quarter.
In general, employers are required to pay state unemployment taxes ____________.
False
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.
True
Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day.
False
The employer social security tax rate is not the same as the employee social security tax rate.
Salary Expense
The entry to journalize paying a semimonthly payroll less deductions for employee income tax, social security and Medicare tax, and US Savings bonds is a credit to Cash and the liaiblty accounts and a debit to ____________________.
True
The payroll register and employee earnings recors provide all the payroll info needed to prepare a payroll
a check
The source document for paying employee income tax and social security and Medicare tax is _______.
a check
The source document for paying state unemployment tax is ___________.
a check.
The source document for payment of a payroll is __________.
False
The source document for payment of a payroll is the time card.
False
The tax base for Meicare tax is usually the same as the tax base for social security tax
True
The timing of payment of tax payments is based on the amount owed.
unemployment taxable earnings
The total earnings subject to federal unemployment tax is referred to as _________.
False
The transaction to record employer payroll taxes expense is journalized at the end of the quarter.
liabilities
Until the amounts withheld from employee salaries are paid by the empolyer, they are recorded as ____________.
