ch 13 accounting test review
The source document for paying employee income tax and social security and medicare tax is
Check
What is the source document for paying state unemployment tax
Check
Employers are required to furnish each employee with an annual statement of earnings and withholdings before what date: December 31 of the current year, December 31 of the following year, January 15 of the following year, January 31 of the following year
January 31 of the following year
Do federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation
No
In the journal entry for a payroll, is the amount debited to salary expense the total of the net pay column of the payroll register
No
Is federal unemployment tax usually paid each month
No
Is the employer social security tax rate not the same as the employee social security tax rate
No
Is the source document for payment of a payroll a time card
No
Is the tax base for medicare tax usually the same as the tax base for social security tax
No
Is the transaction to record employer payroll taxes journalized at the end of the quarter
No
Must each employer who withholds income tax and social security and medicare tax from the employee salary furnish each employee with a quarterly statement
No
How often must each employer file a federal tax return showing the federal income tax and social security and medicare tax to the government
Quarterly
The entry to journalize paying a semi monthly payroll less deductions is a credit to cash and the liability accounts and a debit to what account
Salary expense
What do we call the state tax used to pay benefits to unemployed workers
State unemployment tax
The total earnings subject to federal unemployment tax is referred to as which of the following: Total earnings, Gross earnings, Taxable earnings ,Unemployment taxable earnings
Unemployment taxable earnings
Are employer payroll taxes business expenses
Yes
If an employee's accumulated earnings are 5,500 and the employee earns an additional 2,500, is the amount of new earnings subject to unemployment tax 1,500
Yes
In each pay period, is the payroll information for each employee recorded on each employee earnings record
Yes
Is each employer required by law to periodically report the payroll taxes withheld from employee salary
Yes
Is the timing of payment of tax payments based on the amount owed
Yes
Must some employers deposit payments for withheld employee federal income tax and social security and medicare tax on the next banking day
Yes
Does the payroll register and employee earnings record provide all the payroll information needed to prepare a payroll
Yes (both needed to prepare payroll)
In general, employers are required to pay state unemployment taxes when: Monthly, During the month following each calendar quarter, Annually, None
during the month following each calendar quarter
Until the amounts withheld from employee salaries are paid by the employer, they are recorded as which of the following: Revenue, Salary expense, Liability, Asset
liability
