True/False Accounting Chapter 3
Both employers and employees are required to pay a federal unemply. tax.
False
Employees are paid two times the regular rate for overtime hours.
False
Employers pay government agencies all payroll taxes withheld from employee salaries on an annual basis.
False
In proving a payroll register's accuracy, the total of the Net Pay column is subtracted from the Total Deductions column.
False
Like S.S. , Medicare has a tax base
False
One payroll system is used by all employers in U.S.
False
The amount of federal income tax to be withheld is determined solely by the number of withholding allowances.
False
Federal, state, and local laws require employers to keep records of the payroll information and other payments related to employee services.
True
IF a business is classified as a monthly schedule depositor the business bust pay the total amount due by the 15th day of the following month.
True
Income and two FICA Taxes are the federal taxes deducted from earnings of each employee
True
Laws for handling state, city, and county taxes vary.
True
Other deductions from employee earnings include Heath Ins., Life Ins., pension plans, and savings deposits.
True
Payroll records must show an employee's earnings, amounts withheld, net amount paid, and the total amount of payroll taxes that a business must pay.
True
The frequency of payments for federal, state, and local government taxes is determined by the amount of tax paid each year.
True
Transferring payroll amounts electronically from the employer's account to the employee's bank account is known as electronic funds transfer.
True
Unemployment Taxes are used to pay qualified workers cash benefits for limited periods of unemployment.
True
After a biweekly payroll register has been completed, a check for the total earnings indicated on the payroll register is written for each employee.
False
All time worked in excess of 40 hours in any one week is considered overtime.
True
An employee's total earnings and deductions for the quarter are summarized on one line of the employee earnings record.
True
Businesses that paid more than $50,000 in taxes during the previous four quarter are classified as semiweekly schedule depositors.
True
Businesses with a quarterly federal unemployment tax of more than $500 must make quarterly payments in the month following the end of the quarter.
True
By January 31, businesses must report to employees the earning and amounts withheld for the previous calendar year.
True
Commissions, cost-of-living adjustments, a share of profits, an a bonus are included in an employee's earnings.
True
Congress sets the tax base and the tax rates for S.S. tax
True
Employers are required by law to withhold certain payroll taxes from employee salaries each pay period.
True
