Accounting Test: Unit 13.12 (multiple choice)

Each employer must file a federal tax return showing the federal income tax and social security and Medicare taxes due the government on a Form ____.

941

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 ____.

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 ____.

An asset account

In the entry to journalize paying the liability for the first quarter federal unemployment tax, the account credited would be ____.

Cash

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

The payroll journal entry is based on the totals of ____.

Earnings Total column, each deduction column, and Net Pay column

Social security and Medicare taxes are paid by ____.

Employers and employees

A federal tax used for state and federal administrative expenses of the unemployment program is ____.

Federal unemployment tax

Employers are required to furnish each employee an annual statement of earnings and with holdings before ____.

January 31 of the following year

Until the amounts withheld from employee salaries are paid by the employer, they are recorded as ____.

Liabilities

When a semimonthly payroll is paid, the credit to Cash is equal to the ____.

Net pay of all employees

In the entry to journalize employer payroll taxes expense for a semimonthly period, the account debited would be ____.

Payroll Taxes Expense

Each employer must file a federal tax return showing the federal income tax and social security and Medicare taxes due the government ____.

Quarterly

The Total Earnings column total is journalized as a debit to ____.

Salary Expense

The entry to journalize paying a semimonthly payroll less deductions for employee income tax, social security and Medicare tax, and U.S. Savings Bonds is a credit to Cash and the liability accounts and a debit to ____.

Salary Expense

To record the employer payroll taxes expense, the following accounts are credited:

Social Security Tax Payable, Medicare Tax Payable, Unemployment Tax Payable-Federal, and Unemployment Tax Payable-State

Employers must pay payroll taxes for ____.

Social security and Medicare, federal unemployment, and state unemployment taxes

A state tax used to pay benefits to unemployed workers is ____.

State unemployment tax

All the payroll information needed to prepare a payroll and tax reports is 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

In the entry to journalize employer payroll taxes expense for a semimonthly period, an account credited would be ____.

Unemployment Tax Payable-Federal

In the entry to journalize paying the liability for the first quarter federal unemployment tax, an account debited would be ____.

Unemployment Tax Payable-Federal

The total earnings subject to federal unemployment tax is referred to as ____.

Unemployment taxable earnings

The report that shows total year's earnings and amounts withheld for taxes for an employee is prepared on Form ____.

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