ch 13 accounting test review

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

Check

What is the source document for paying state unemployment tax

Check

Employers are required to furnish each employee with an annual statement of earnings and withholdings before what date: December 31 of the current year, December 31 of the following year, January 15 of the following year, January 31 of the following year

January 31 of the following year

Do federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation

No

In the journal entry for a payroll, is the amount debited to salary expense the total of the net pay column of the payroll register

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 usually the same as the tax base for social security tax

No

Is the transaction to record employer payroll taxes journalized at the end of the quarter

No

Must each employer who withholds income tax and social security and medicare tax from the employee salary furnish each employee with a quarterly statement

No

How often must each employer file a federal tax return showing the federal income tax and social security and medicare tax to the government

Quarterly

The entry to journalize paying a semi monthly payroll less deductions is a credit to cash and the liability accounts and a debit to what account

Salary expense

What do we call the state tax used to pay benefits to unemployed workers

State unemployment tax

The total earnings subject to federal unemployment tax is referred to as which of the following: Total earnings, Gross earnings, Taxable earnings ,Unemployment taxable earnings

Unemployment taxable earnings

Are employer payroll taxes business expenses

Yes

If an employee's accumulated earnings are 5,500 and the employee earns an additional 2,500, is the amount of new earnings subject to unemployment tax 1,500

Yes

In each pay period, is the payroll information for each employee recorded on each employee earnings record

Yes

Is each employer required by law to periodically report the payroll taxes withheld from employee salary

Yes

Is the timing of payment of tax payments based on the amount owed

Yes

Must some employers deposit payments for withheld employee federal income tax and social security and medicare tax on the next banking day

Yes

Does the payroll register and employee earnings record provide all the payroll information needed to prepare a payroll

Yes (both needed to prepare payroll)

In general, employers are required to pay state unemployment taxes when: Monthly, During the month following each calendar quarter, Annually, None

during the month following each calendar quarter

Until the amounts withheld from employee salaries are paid by the employer, they are recorded as which of the following: Revenue, Salary expense, Liability, Asset

liability


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