Chapter 14
Each employer must file a federal tax return showing the federal income tax and social security and mesicare taxes due the government on a Form _.
941
The entry to journalise paing a seminomthly payroll tax les deductions for employee income tax, social security and mesicare tax, and the US savings bons is a credit to cash and the liability accounts have and a debit too
A
The payroll journal entry is based on the totals of _.
Earning total column, each deduction column, and net pay column
T/F Each employer who withholds income tax and social security and Medicare tax from employee must furnish each employee with a quarterly statement
F
T/F Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation.
F
T/F Federal unemployment tax is usually paid each month.
F
T/F Separate payroll accounts for each employee are kept in the general ledger.
F
T/F The employer social security tax rare is not the same as the employee social security tax rate
F
T/F The source document for journalizing employer payroll taxes is a check.
F
T/F The source document for payment of a payroll is the time card.
F
T/F The transaction to record employer payroll taxes is a check
F
Employers are required to furnish each employee an annual statement of earnings and withholdings before _.
January 31 of the following year
In the entry to journalize paying the liability for the first quarter federal unemployment tax, and account credited would be _.
Payroll tax expense
In the entry to journalize employer payroll taxes expense for a semi monthly period, the account debited would be _.
Payroll taxes espense
The Total Earnings column total is journalized as a debit to _.
Salary expense
To record the employer payroll taxes expense, the following accounts are credited:
Social security ta payable, medicare ta payable, unemployment tax payable- federal, and unemployment tax payable- state.
T/F An employer is not required to pay federal unemployment taxes on an employee who has already earned 7000 during the calendar year.
T
T/F Each pay period the payroll information for each employee is recorded on each employee earnings record.
T
T/F Employee withheld income tax, employee social security and Medicare tax, and employer social security and medicare tax are paid periodically to the federal government in a combined payment
T
T/F Employer payroll taxes are business expenses.
T
T/F Employer payroll taxes expense is based on a percentage of employee earningd
T
T/F Employers must pay to the government the taxes withheld from the employee earnings
T
T/F The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll.
T
In the entry to journalize employer payroll taxes expense for a semi monthly period, the account credited would be _.
Unemployment Tax payable- federal
In the entry to journalize paying the liability for the first quarter federal unemployment tax, and account debited would be _.
Unemployment tax payable- federal
The report that shows total's year's earnings and amounts withheld for taxes for an employee is prepared on _.
W-2
The form used for the transmittal of the previous year's earnings and payroll taxes withheld for all employees is Form _.
W-3
The source document for paying employee income tax and social security and medicare tax is _.
a check
The source document for paying stare unemployment tax is _.
a check
The source document for payment of a payroll is _.
a check
The total of the Federal Income Tax column of a payroll register is credited to _.
a liability account
To record the payment of federal unemployment tax, the account debited is_.
a liability account
The total of the net pay column of the payroll register is credited to _.
and asset account
To record the total federal tax payment for employee income tax, social security tax and medicare tax, the account credited is _.
cash
In general, employers are required to pay state unemployment taxes _.
during the month following each calendar quarter
Social security and Medicare taxes are paid by _.
employers and employees
A federal tax for state and federal administrative expenses of the unemployment program is _.
federal unemployment tax
Until the amounts withheld from employee salaries are paid by the employer, they are recorded as _.
liabilites
When a semi monthly payroll is paid, the credit to cash is equal to the _.
net pay of all employees
Each employer must file a federal tax return showing the federal income tax and social security and Medicare taxes due the government _.
quarterly
Employers must pay payroll taxes for _.
social security and Medicare, federal unemployment, and state unemployment taxes
A state used to pay benefits to unemployed workers is _.
state unemployment tax
All the payroll information needed to prepare a payroll reports and tax reports are found on _.
the payroll register and the employee earnings record
The employer social security tax rate is based on _.
the same rate and earnings as employee social security tax
The total earnings subject to federal unemployment tax is referred to as _.
unemployment taxable earnings
