Acct 1 Chapter 13

Employers must pay payroll taxes for

1. Social security 2.Medicare 3. Federal unemployment 4. State unemployement

The source document for paying employee income tax and social security and Medicare tax is

A check

The source document for payment of a payroll is

A check

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

Cash

To record the total federal tax payment for an employee income tax, social security tax and Medicare tax, the account credited is

Cash

The source document for paying state unemployement tax is

Check

The employer social security tax rate is based on the same rate and earnings as

Employee social security tax

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 withholdings before ____ of the following year

January 31

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 payroll taxes expense for a semimonthly period , the account debited would be

Payroll taxes expense

The entry to journalize paying a semimonthly payroll less deductions for employee income tax, social security and Medicare tax, and US Savings Bonds is a credit to cash and liability accounts and a debit to

Salary expense

The total earnings column total is journalize as a debit to

Salary expense

All the payroll information needed to prepare payroll and tax reports is found on the _____ and the ____ .

The payroll register and the employee earnings record

The payroll journal entry is based on the totals of

The payroll register's total earnings column , each deduction column, and the net pay column

The total earnings subject to federal unemployement tax is referred to as unemployment

Unemployement taxable earnings

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 report that shows the total year's earnings and amounts withheld for taxes for an employee is prepared on form

W-2

Social security and Medicare taxes are paid by

employers and employees

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