Taxes
Employee identification number
A number assigned by the IRS that is used by an employer when recording and paying payroll and income taxes.
Form 941
A tax form that a business will complete after the end of each calander quarter
Stat Unemployment tax act
A tax usually paid only by employers to the state for employee unemployment
Calendar quarter
A three - month , 13 week time period
Monthly depositor
An employer who has to deposit from 941 taxes on the 15th day of the month following the payday.
Banking Day
Any day that a bank is open to the public for business
Prepaid workers compensations insurance is what type of account?
Asset
If wages and salaries payable is debited what account would most likely be credited
Cash
What type of an account is wages and salaries payable?
Liability
Federal Insurance Contributions Act
Part of the Social Security law that required employees and employers to pay OASDI taxes and Medicine taxes.
Payroll Taxes Expense
The cost to eployers that includes the total of the employer's taxes
Federal Unemployment act
The unemployment tax paid and reported separately that employers pay to the federal government
The entry to record the payroll tax expense would include:
a credit to FICA (OASDI and Medicare) taxes payable
The employers total FICA, SUTA, and FUTA tax is recorded as:
a debit to payroll tax expense
a) An employer must always use a calender year for payroll purposes
a) true
The employer record for deductions from the employee's paycheck:
as credits to liability accounts until paid
b)The payroll tax expense is recorded at the same time the payroll is recorded
b) true
c) There is no limit on the amount of taxes paid for SUTA
c) false
The entry to record the payment of taxes withheld from employees and FICA taxes would be to:
credit cash; debit FICA Social Security payable, FICA- Medicare payable, and Federal Income Tax payable
Different deposit rules apply to employers based on the amount collected and owed by that employer
d)true
The record journal entry to record the payment of FUTA is to:
debit FUTA Payable; Credit cash
e) Both employer and employee contribute to FICA-OASDI and SUTA Tax
e) false
wages and salaries expense is:
equal to gross pay
The account payroll tax expense includes all of the following except:
federal income tax
The wages and salaries expense account would be used to record:
gross earning for the office workers
workers compensation insurance
insurance paid , in advanced by an employer to protect its employees against loss due to accidental death or injury incurred during employement .
Wages and Salaries Payable would be used to record:
net earnings of the employees not paid
Form 941 is filed:
quarterly
The debit amount to Payroll tax expense represents:
the employer's portion of the payroll taxes
The information needed to make the journal entries to record the wages and salaries expense comes from:
the payroll register
