Chapter 13 retake
2. The payroll journal entry is based on the totals of the payroll register (A) Total Earnings column, each deduction column, and the Net Pay column (B) Total Earnings, Earnings Regular, Earnings Overtime, and Deductions Total columns (C) Earnings Regular, Earnings Overtime, and Deductions Total columns (D) Total Earnings, Earnings Regular, and Earnings Overtime Total columns. (p. 379)
A
3. The total earnings subject to federal unemployment tax is referred to as (A) unemployment taxable earnings. (B) taxable earnings. (C) gross earnings. (D) total earnings.
A
6. The source document for paying employee income tax and social security and Medicare tax is (A) a check. (B) a receipt. (C) a memorandum. (D) none of these
A
8. The source document for paying state unemployment tax is (A) a check. (B) a receipt. (C) a memorandum. (D) none of these.
A
1. Until the amounts withheld from employee salaries are paid by the employer, they are recorded as (A) assets. (B) liabilities. (C) salary expense. (D) revenue.
B
12. Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee an (A) IRS Form W-4 (B) IRS Form W-2 (C) IRS Form W-3 (D) IRS Form 941. (p. 387)
B
13. Each employer is required by law to report payroll taxes on an (A) IRS Form W-4 (B) IRS Form 941 (C) IRS Form W-2 (D) IRS Form W-3. (p. 389)
B
3. The Total Earnings column total of a payroll register is journalized as a debit to (A) Cash (B) Salary Expense (C) Employee Income Tax Payable (D) Social Security Tax Payable. (p. 380)
B
4. Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. (A) monthly (B) quarterly (C) yearly (D) semiannually
B
7. Employer payroll taxes are (A) assets (B) expenses (C) revenues (D) none of these. (p. 382)
B
7. In general, employers are required to pay state unemployment taxes (A) monthly. (B) during the month following each calendar quarter. (C) annually. (D) none of these.
B
1. All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. (p. 378)
C
11. An employee's earnings subject to unemployment taxes are referred to as (A) gross earnings (B) net earnings (C) FUTA earnings (D) accumulated earnings. (p. 383)
C
14. The form used to report annual earnings and payroll taxes for all employees to the Social Security Administration is the (A) W-2 (B) Form 941 (C) W-3 (D) W-4. (p. 390)
C
15. To record the payment of federal unemployment tax, the account debited is (A) a revenue account (B) an expense account (C) a liability account (D) an asset account. (p. 396)
C
2. The payment of payroll taxes to the government is referred to as a (A) tax reimbursement. (B) transfer payment. (C) deposit. (D) tax fulfillment.
C
4. The total of the Federal Income Tax column of a payroll register is credited to (A) a revenue account (B) an expense account (C) a liability account (D) an asset account. (p. 380
C
5. The total of the Net Pay column of the payroll register is credited to (A) a revenue account (B) an expense account (C) an asset account (D) a liability account. (p. 380)
C
8. Payroll taxes that are paid by both the employer and the employee are (A) federal unemployment tax and social security tax (B) federal unemployment tax and Medicare tax (C) social security tax and Medicare tax (D) federal income tax, social security tax, and Medicare tax. (p. 382)
C
9. A federal tax used for state and federal administrative expenses of the unemployment program is the (A) social security tax (B) Medicare tax (C) federal unemployment tax (D) state unemployment tax. (p. 382)
C
10. A state tax used to pay benefits to unemployed workers is the (A) social security tax (B) Medicare tax (C) federal unemployment tax (D) state unemployment tax. (p. 382)
D
5. Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year. (B) January 1 of the following year. (C) January 15 of the following year. (D) January 31 of the following year.
D
6. When a semimonthly payroll is paid, the credit to Cash is equal to the (A) total earnings of all employees (B) total deductions for income tax and social security tax (C) total deductions (D) net pay of all employees. (p. 380)
D
9. A state tax used to pay benefits to unemployed workers is (A) social security tax. (B) Medicare tax. (C) federal unemployment tax. (D) state unemployment tax
D
