accounting chapter 13 test review

The source document for paying employee income tax and social security and Medicare tax is (A) a check. (B) a receipt. (C) a memorandum. (D) none of these.

A

The source document for paying state unemployment tax is (A) a check. (B) a receipt. (C) a memorandum. (D) none of these.

A

The total earnings subject to federal unemployment tax is referred to as (A) unemployment taxable earnings. (B) taxable earnings. (C) gross earnings. (D) total earnings.

A

Each employer must file a _________ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government. (A) monthly (B) quarterly (C) yearly (D) semiannually

B

In general, employers are required to pay state unemployment taxes (A) monthly. (B) during the month following each calendar quarter. (C) annually. (D) none of these.

B

Until the amounts withheld from employee salaries are paid by the employer, they are recorded as (A) assets. (B) liabilities. (C) salary expense. (D) revenue.

B

The payment of payroll taxes to the government is referred to as a (A) tax reimbursement. (B) transfer payment. (C) deposit. (D) tax fulfillment.

C

A state tax used to pay benefits to unemployed workers is (A) social security tax. (B) Medicare tax. (C) federal unemployment tax. (D) state unemployment tax.

D

Employers are required to furnish each employee with an annual statement of earnings and withholdings before (A) December 31 of the current year. (B) January 1 of the following year. (C) January 15 of the following year. (D) January 31 of the following year.

D

paid cash for federal or state unemployment tax liability for the quarter ended year, $, C#

Goes in cash payment journal. name is unemployment tax payable-state or federal number goes in general debit and cash credit.

Paid cash for liability for employee tax,$;social security tax,$;Medicare tax,$;Total,$ C#

goes in cash payments journal. first line is employee income tax payable in debit next is social security tax payable in debit and medicare tax payable in debit. then add those up and it goes in cash credit. Get number from the statement (transaction).

paid cash for semimonthly payroll, total payroll,$,less employee income tax,$, social security tax, and medicare tax C#

goes in cash payments journal. first line is salary expense in debit the number is the total payroll number. next is employee income tax payable in credit the number is from less employee income tax. next is social security tax payable in credit the number is the total payroll multiplied by 0.062. last is medicare tax payable in credit the number is total payroll multiplied by 0.0145. in cash credit you put debits minus credits.

recorded employer payroll tax expense for the semimonthly pay period ending year. M#

goes in general journal. include M in the doc. no. first payroll taxes expense the number is the credits added up. next is social security tax payable you multiply total payroll by 0.062. next is medicare tax payable you multiply total payroll by 0.0145. next is unemployment tax payable-federal you multiply total payroll by 0.008 last is unemployment tax payable-state you multiply total payroll by 0.054