Chapter 14

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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


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