Accounting Chapter 12
Each employer who withholds income tax and social and medicare tax from employee salaries must furnish each employee with a quarterly statement
False
Employer social security tax rate is not the same as the employee social security tax rate
False
Federal unemployment insure laws require that employers and employees
False
If an employee's accumulated earnings are $6,500 and the employee earns another $1.500 the amount of new earnings subject to unemployment tax is $1,500
False
In the journal entry for a payroll, the amount debited to salary expense is the total of the Net Pay column of the payroll register
False
The source document for payment of a payroll is the time card
False
The tax base for Medicare tax is usually the same as the tax base for social security tax
False
The transaction to record employer payroll taxes expense is journalized at the end of the quarter
False
federal unemployment tax is usually paid each month
False
Employers are required to furnish each employee with an annual statement of earnings and withholding before___
January 31 of the following year
Until the amounts withheld from employee salaries are paid by the employer they are recorded as___
Liability
Each employer must file a federal tax return showing the federal income ta and social security and medicare taxes due the government____
Quarterly
The entry to journalize paying a semimonthly payroll less deductions for employee income tax, social security and Medicare tax, US savings bonds is a credit to Cash and the liability accounts and a debit to
Salary Expense
Employer payroll taxes are business expenses
True
In each pay period the payroll information for each employee is recorded on each employee earnings record
True
Some employers must deposit payments for withheld employees' federal income tax and social security and medicare taxes on the next banking day
True
The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll
True
The timing of payments is based on the amount owed
True
each employer is required by law to periodically report the payroll taxes withheld from employee salaries
True
The total earnings subject to federal unemployment tax is referred to as
Unemployment taxable earnings
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
In general, employers are required to pay state unemployment taxes___
during the month following each calendar quarter
The state tax used to pay benefits to unemployed workers is___
state unemployment tax
