Accounting Chapter 13 Terms and Test Review
federal unemployment tax
A federal tax used for state and federal administrative expenses of the unemployment program
state unemployment tax
A state tax used to pay benefits to unemployed workers
state unemployment tax payable
A state tax used to pay benefits to unemployed workers is called what?
yes
Are employer payroll taxes business expenses?
no
Do federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation?
yes
Does the payroll register and employee earnings record provide all the payroll information needed to prepare a payroll?
quarterly
Each employer must file a federal tax return showing the federal income tax, Social Security, and Medicare taxes due to the government how often?
January 31 of the following year
Employers are required to furnish each employee with an annual statement of earnings in withholding, before what date?
no
If an employee has accumulated earnings of $6,500 and the employee earns another $1500, is the entire $1500 subject to an unemployment tax?
yes
In each pay period, is the payroll information for each employee reported on each employee's earnings record?
during the month following each calendar quarter
In general, employers are required to pay state unemployment taxes when?
no
In the journal entry for payroll, is the amount debited to salary expense the total of the net pay column of the payroll register?
yes
Is each employer required by law to periodically report the payroll taxes withheld from employee salaries?
no
Is federal unemployment tax usually paid each month?
no
Is the employer Social Security tax rate not the same as the employee Social Security tax rate?
no
Is the source document for payment of a payroll a time card?
no
Is the tax base for Medicare tax the same as the tax base for social security tax?
yes
Is the timing of payment of tax payments based on the amount owed?
no
Is the transaction to record employer payroll taxes expense journalized at the end of the quarter?
no
Must each employer who withholds income tax, Social Security, and Medicare tax from employee salaries, furnish each employee with a quarterly statement?
yes
Must some employers deposit payments for withheld employees' federal income tax, Social Security, and Medicare taxes on the next banking day?
salary expense
The entry to journalize paying a semi-monthly payroll is a credit to cash and the liability account and a debit to what account?
check
The source document for paying employee income tax, Social Security, and Medicare tax is of what?
check
The source document for paying state unemployment tax is a what?
unemployment taxable earnings
The total earnings subject to federal unemployment tax, is referred to as what?
liabilities
Until the amounts withheld from employee salaries are paid by the employer they are recorded as what?
lookback period
the 12-month period that ends on June 30th of the prior year