Chapter 13

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When paying cash for tax liabilities, you debit

All of the above

When does a monthly schedule depositor deposit taxes for the month?

Deposit taxes by the 15th of the following month

A business deposits the total of gross wages in a separate payroll checking account

FALSE

Amount Debited to Salary Expense is the total of the Net Pay column of the payroll register

FALSE

Employer who w/holds taxes from employee earnings must furnish employee with quarterly statement

FALSE

Federal unemployment insurance laws require employers & employees pay tax for unemployment

FALSE

The employer social security tax rate is different than the employee social security tax rate

FALSE

The payroll register provides all the payroll information needed to prepare a payroll

FALSE

The tax base for Medicare is the same as the tax base for social security tax

FALSE

Transaction to record employer payroll taxes expense is journalized at the end of the quarter

FALSE

When recording employer payroll taxes expense, Social Security Tax & Medicare Tax are doubled

FALSE

An employee's earnings subject to unemployment taxes are referred to as

FUTA earnings

Each employer is required by law to report payroll taxes on an

IRS Form 941

Employers are required to give employees an annual statement of earnings & withholdings before

January 31 of the following year

When paying cash for semimonthly payroll, you credit Cash for

Net Pay

The Total Earnings column total of a payroll register is journalized as a debit to

Salary Expense

Each pay period, the payroll info for employee is recorded on his/her employee earnings record

TRUE

Employer is required by law to periodically report payroll taxes withheld from employees

TRUE

Employer payroll taxes are business expenses

TRUE

Form W-2 reports an employee's annual earnings and withholdings taxes

TRUE

Paying cash for tax liabilities, Soc. Security & Medicare need to account for employee/employer

TRUE

Some employers must deposit payments for withheld taxes on the next banking day

TRUE

The timing of payroll tax payments is based on the amount owed

TRUE

When paying cash for semimonthly payroll, Salary Expense is debited

TRUE

When paying cash for semimonthly payroll, you debit Salary Expense for

Total Earnings

The payroll journal entry is based on the totals of the payroll register

Total Earnings, each deduction, & Net Pay

Form used to report annual earnings & taxes for all employees to the Soc. Security Admin. is

W-3

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 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

The payment of a payroll taxes to the government is referred to as a

deposit

In general, employers are required to pay state unemployment taxes

during the month following each calendar quarter

Employer payroll taxes are

expenses

Federal tax used for state & federal administrative expenses of the unemployment program is the

federal unemployment tax

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

Each employer must file a (-) federal tax return showing the taxes due to the government

quarterly

Payroll taxes that are paid by both the employer and the employee are

social security tax and Medicare tax

A state tax used to pay benefits to unemployed workers is

state unemployment tax

A state tax used to pay benefits to unemployed workers is the

state unemployment tax

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

the payroll register and the employee earnings record

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

unemployment taxable earnings


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