Accounting Final
false
A business deposits the total of gross wages in a separate payroll checking account
state unemployment tax
A state tax used to pay benefits to unemployed workers is
true
Each employer is required by law to periodically report the payroll taxes withheld from employee salaries
quarterly
Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government
false
Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement
true
Employer payroll taxes are business expenses
January 31 of the following year
Employers are required to furnish each employee with an annual statement of earnings and withholdings before
false
Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation
true
Form W-2 reports an employee's annual earnings and the withholdings for federal income, social security, and Medicare taxes
false
If the tax base for calculating unemployment taxes is $7,000 and an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00
true
In each pay period, the payroll information for each employee is recorded on his or her employee earnings record
during the month following each calendar quarter
In general, employers are required to pay state unemployment taxes
false
In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register
true
Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day
false
The employer social security tax rate is different than the employee social security tax rate
deposit
The payment of payroll taxes to the government is referred to as a
false
The payroll register provides all the payroll information needed to prepare a payroll
a check
The source document for paying employee income tax and social security and Medicare tax is
a check
The source document for paying state unemployment tax is
false
The tax base for Medicare tax is the same as the tax base for social security tax
true
The timing of payroll tax payments is based on the amount owed
unemployment taxable earnings
The total earnings subject to federal unemployment tax is referred to as
false
The transaction to record employer payroll taxes expense is journalized at the end of the quarter
liabilities
Until the amounts withheld from employee salaries are paid by the employer, they are recorded as