Chapter 11

Jorge Lopez worked 40 hours this week and earned $1,000 in total compensation. Federal and state taxes and other withholdings totaled $350. Jorge's gross pay totals $

$1,000

An employee earning report includes all of the following: -Employee's gross earnings -Number of employee's withholding allowances -Employee's title -Employee's hours worked -Employee's net pay

-Employee's gross earnings -Employee's hours worked -Employee's net pay

Employee income tax depends on: -Employer's income -Employee's income -Number of employer withholding allowances -Number of employee withholding allowances

-Employee's income -Number of employee withholding allowances

Employers are required to prepare and submit payroll reports to explain how they compute which of the following taxes? -Federal taxes -Sales taxes -State taxes -Local taxes

-State taxes -Local taxes -Federal taxes

Which of the following liabilities could be a multi-period known liability? -Unearned Subscription Revenues -Wages Payable -Accounts Payable -Notes Payable

-Unearned Subscription Revenues -Notes payable

Jorge Lopez worked 40 hours this week and earned $1,000. Federal and state taxes, and other withholdings totaled $350. Jorge's net pay totals $ .

650

Employers FUTA taxes are reported on IRS Form____.

940

The form an employer files and submits to the IRS to report FICA tax information is Form _____.

941

Unemployment taxes are examples of (employee/employer) ____ taxes.

Employer

____ is(are) the total compensation an employee earns including wages, salaries, commissions, bonuses, and any compensation earned before deductions such as taxes.

Gross pay

The reports that employers are required to prepare to explain how they compute local, state and federal payroll taxes are called _____ reports.

Payroll

Amounts withheld from an employee's gross pay are called:

Payroll deductions

Most states require___ payments and reports.

Quarterly

Form 941, which employers use to report FICA and income tax information to the IRS is due:

Within one month after the end of each calendar quarter.

An employee earnings report is a ____ record of an employee's hours work, gross earnings, deductions and net pay.

cumulative

Amounts withheld from employee's earnings for employee income tax is considered a ____ by the employer until the government is paid.

current liability

Unearned subscription revenues that extends over multiple periods is an example of a ____ known liability.

multi-period

Gross pay minus all deductions—including federal and state taxes, FICA and any voluntary deductions—equals _____ pay.

net, take-home or take home

Which of the following items is not a payroll deduction?

Net pay

Employers must pay employee taxes in addition to those paid by the employees. Which of the following is paid only by the employer?

Unemployment