Acct 1 Chapter 13
Employers must pay payroll taxes for
1. Social security 2.Medicare 3. Federal unemployment 4. State unemployement
The source document for paying employee income tax and social security and Medicare tax is
A check
The source document for payment of a payroll is
A check
In the entry to journalize paying the liability for the first quarter federal unemployment tax, the account credited be
Cash
To record the total federal tax payment for an employee income tax, social security tax and Medicare tax, the account credited is
Cash
The source document for paying state unemployement tax is
Check
The employer social security tax rate is based on the same rate and earnings as
Employee social security tax
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 withholdings before ____ of the following year
January 31
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 payroll taxes expense for a semimonthly period , the account debited would be
Payroll taxes expense
The entry to journalize paying a semimonthly payroll less deductions for employee income tax, social security and Medicare tax, and US Savings Bonds is a credit to cash and liability accounts and a debit to
Salary expense
The total earnings column total is journalize as a debit to
Salary expense
All the payroll information needed to prepare payroll and tax reports is found on the _____ and the ____ .
The payroll register and the employee earnings record
The payroll journal entry is based on the totals of
The payroll register's total earnings column , each deduction column, and the net pay column
The total earnings subject to federal unemployement tax is referred to as unemployment
Unemployement taxable earnings
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 report that shows the total year's earnings and amounts withheld for taxes for an employee is prepared on form
W-2
Social security and Medicare taxes are paid by
employers and employees
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