Accounting Test: Unit 13.12 (multiple choice)
Each employer must file a federal tax return showing the federal income tax and social security and Medicare taxes due the government on a Form ____.
941
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 source document for payment of a payroll 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
In the entry to journalize paying the liability for the first quarter federal unemployment tax, the account credited would be ____.
Cash
To record the total federal tax payment for employee income tax, social security tax and Medicare tax, the account credited is ____.
Cash
In general, employers are required to pay state unemployment taxes ____.
During the month following each calendar quarter
The payroll journal entry is based on the totals of ____.
Earnings Total column, each deduction column, and Net Pay column
Social security and Medicare taxes are paid by ____.
Employers and employees
A federal tax used for state and federal administrative expenses of the unemployment program is ____.
Federal unemployment tax
Employers are required to furnish each employee an annual statement of earnings and with holdings before ____.
January 31 of the following year
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
In the entry to journalize employer payroll taxes expense for a semimonthly period, the account debited would be ____.
Payroll Taxes Expense
Each employer must file a federal tax return showing the federal income tax and social security and Medicare taxes due the government ____.
Quarterly
The Total Earnings column total is journalized as a debit to ____.
Salary Expense
The entry to journalize paying a semimonthly payroll less deductions for employee income tax, social security and Medicare tax, and U.S. Savings Bonds is a credit to Cash and the liability accounts and a debit to ____.
Salary Expense
To record the employer payroll taxes expense, the following accounts are credited:
Social Security Tax Payable, Medicare Tax Payable, Unemployment Tax Payable-Federal, and Unemployment Tax Payable-State
Employers must pay payroll taxes for ____.
Social security and Medicare, federal unemployment, and state unemployment taxes
A state tax used to pay benefits to unemployed workers is ____.
State unemployment tax
All the payroll information needed to prepare a payroll and tax reports is found on ____.
The payroll register and the employee earnings record
The employer social security tax rate is based on ____.
The same rate and earnings as employee social security tax
In the entry to journalize employer payroll taxes expense for a semimonthly period, an account credited would be ____.
Unemployment Tax Payable-Federal
In the entry to journalize paying the liability for the first quarter federal unemployment tax, an account debited would be ____.
Unemployment Tax Payable-Federal
The total earnings subject to federal unemployment tax is referred to as ____.
Unemployment taxable earnings
The report that shows total year's earnings and amounts withheld for taxes for an employee is prepared on Form ____.
W-2
The form used for the transmittal of the previous year's earnings and payroll taxes withheld for all employees is Form ____.
W-3