Chap 11: Payroll Taxes, Deposits, and Report

A preprinted government form used by the employer to report payroll tax information relating to social security, Medicare, and employee income tax withholding to the Internal Revenue Service is called the ___________________.

Employer's Quarterly Federal Tax Return, Form 941

Employers are responsible for matching payments of __________and ___________ tax expenses.

Medicare Social security

Transmittal of Wage and Tax Statements, Form W-3

Preprinted government form submitted with Forms W-2 to the Social Security Administration.

Wage and Tax Statement, for m W-2

Preprinted government form that contains information about an employee's earnings and tax withholdings for the year.

Employer's Quarterly Federal Tax Return, Form 941

Preprinted government form used by the employer to report payroll tax information relating to social security, Medicare, and employee income tax withholding to the Internal Revenue Service.

Withholding Statement

See Wage and Tax Statement, Form W-2: Preprinted government firm that contains information about an employee's earnings and tax withholdings for the year.

A form that is submitted to the Social Security Administration and reports the total social security wages and withholdings, the total Medicare wages and withholdings, the total federal income tax withholdings, and the total wages, tips, and other compensation is called the:

Transmittal of Wage and tax Statements, form W-3

True or false: Employers make tax deposits for employer and employee Medicare taxes, employer and employee social security taxes, and the federal income tax withheld from employee earnings.

True

Employers provide a statement to each employee by January 31 for the previous calendar year's earnings; this form is called a ____________.

Wage and Tax Statement, W-2

A company's payroll register showed total employee earnings of $1,000 for the payroll period ended August 31. The employer's share of the social security tax is $62, and Medicare tax is $14.50. The general journal entry to record the employer's payroll taxes for the period will include which of the following entries:

a credit to Medicare tax payable a debit to payroll taxes expense a credit to social security tax payable

An employer's accounting records show $300 of Federal unemployment tax and $750 of State unemployment tax. The entry to record the employer's unemployment taxes will include which of the following entries:

a credit to State Unemployment Tax Payable a debit to Payroll Taxes Expense a credit to Federal Unemployment Tax Payable

Based on employee earnings for the previous year, Grace Bookkeeping Company paid an estimated premium of $500 for workers' compensation insurance in advance for the new year. The journal entry to record this transaction would require which of the following entries:

a credit to cash a debit to prepaid workers' compensation insurance

A company's accounting records show total social security withholdings of $124, total Medicare withholdings of $29.00, and federal income tax withholdings of $147.00. The entry to record the tax deposit will include which of the following entries:

a debit to social security taxes payable for $124, Medicare tax payable for $29, and employee income tax payable for $147 a credit to cash for $300.

Employer payroll tax deposits can be made:

by electronic deposit by check deposited in an authorized financial institution

A company's payroll register showed total employee earnings of $500 for the payroll period ended June 30. The employer's share of the social security tax is $31.00 and Medicare tax is $7.25. The general journal entry to record the employer's payroll taxes for the period will include a (debit/credit)______________ to the payroll tax expense account in the amount of $_________

debit $38.25

A company submits the Employer's Quarterly Report along with payment to the state authority for the unemployment of $800. The entry to record this transaction will include:

debit to state unemployment tax payable credit to cash

Tax deposit due dates with the appropriate : accumulated tax liability> $100,000

deposit is due next banking day.

A company's accounting records show total social security withholdings of $62, total Medicare withholdings of $14.50, and federal income tax withholdings of $123.50. The entry to record the tax deposit will include a debit to which account:

employee income taxes payable in the amount of $123.50

Employers make payroll tax deposits to a Federal Reserve Bank (or authorized financial institution) for:

employer Medicare taxes employee federal income tax withholdings employee social security taxes

Tax deposit due dates with the appropriate : accumulated tax deposit< threshold

employer may pay the amount due with the payroll tax return.

Tax deposit due dates with the appropriate : lookback period< $50,000

employer must make monthly

Tax deposit due dates with the appropriate : lookback period>$50,000

employer must makes semiweekly deposits

The Unemployment Insurance program is a program that provides unemployment compensation through a tax paid by

employers

Businesses that provide steady employment may qualify for a reduction in unemployment taxes based on:

experience rating system

Federal tax deposit have various due dates, depending on the amount. Identify which of the following schedules are used:

next banking day payments semiweekly payments monthly payments

An employer's accounting records show $20 of Federal unemployment tax and $60 of State unemployment tax. The entry to record the employer's unemployment taxes will include a debit to:

payroll tax expense

The Employer's Quarterly Federal Tax Return, Form 941 is a preprinted government form used by the employer to report:

payroll tax information relating to social security, Medicare, and employee income tax withholding to the Internal Revenue Service

A company's payroll register showed total employee earnings of $3,000 for the payroll period ended January 31. The employer's share of the social security tax is $186, and Medicare tax is $43.50. The general journal entry to record the employer's payroll taxes for the period will include a debit to the ______ account.

payroll taxes expense

Based on employee earnings for the previous year, Jordon Delivery Company paid an estimated premium of $800 for worker's compensation insurance in advance for the new year. The journal entry to record this transaction would require a debit to the _____ account for $800.

prepaid workers' compensation insurance.

The Transmittal of Wage and Tax Statements, Form W-3, is submitted to the Social Security Administration and reports the total _____________.

social security tax withheld total wages, tips, and other compensation total Medicare tax withheld

The experience rating system, also known as a merit rating system, may reduce the amount of ____________.

state unemployment tax

A company submits the Employer's Quarterly Report along with payment to the state authority for the unemployment of $1,100. The entry to record this transaction will include a debit to:

state unemployment tax payable

A Wage and Tax Statement, also known as Form W-2, is provided

to employees and reports employee's earnings and withholdings for the year

True or false: Employers pay the same amount of social security and Medicare taxes as the employee pays.

true

True or false: Most companies are required to file and pay federal tax deposits electronically; however, some companies may use a tax deposit form and pay by check.

true

A program that provides unemployment compensation through a tax levied on employers is known as the _______ program.

unemployment insurance

Employers are required to have a type of coverage that protects employees against losses from job-related injuries or illnesses, or compensates their families if death occurs in the course of the employment; this coverage is called __.

workers' compensation insurance

Explain how and when payroll taxes are paid to the government.

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