BA 111 Chapter 8
The employer's portion of payroll taxes would be a:
Debit to the payroll tax expense account
Which of the following would be credited i payroll tax expense is debited?
SUTA payable SUTA is a type of payroll tax paid by the employer, which would be credited as a payable when he expense is recognized as the amount would be paid sometime in the future by the employer.
For the second quarter, the amount of federal income tax withheld for a period is $47,000 and FICA withheld is $17,500. Which of the following is the correct total deposit amount for payroll taxes for the quarter?
$82,000 The total deposit would be the federal income tax withholding of $47,000 plus the total FICA of $35m000 ($17,500+$17,500) for a total of $82,000. The employer must match the employer FICA withheld.
The payment of FUTA would include:
A debit to FUTA Payable The payment of FUTA would include a debit to FUTA Payable and a credit to Payroll Tax Expense.
The payment of FUTA would include:
A debit to FUTA Payable.
The entry to record employer's total FICA, SUTA, and FUTA tax would include:
A debit to Payroll Tax Expense
Which of the following is true?
A new employee must complete a @-4 when hired and the employer must complete a W-2 after year-end.
Net pay is:
A reduction in cash Net pay is a reduction in cash, not an expense. The expense is gross pay which would be wage and salary expense.
A banking day is:
Any day a bank is open to the public for business.
A company utilizes two checking accounts - one for payroll (Cash-Payroll) and one for all other cash transactions (Cash-General Checking). The gross pay for a period was $25,000 while the net pay was $13,500. Which of the following would be correct journal entry?
Cash - Payroll, debit $13,500; Cash - General Checking, credit $13,500 When a payroll checking account is used, the net pay needs to be transferred from the general checking account to the payroll checking account since the payroll checks will be drawn on that account.
The entry to record the payment of federal taxes withheld of $12,000 from employees and total FICA taxes of $6,000 ($3,000 from withholding of which $500 is for Medicare) would be
Credit Cash $18,000; debit FICA-OASDI Payable $5,500, FICA-Medicare Payable $500, and $12,000 Federal Income Tac Payable
Upon completing form 940, the balance use is $300 and is immediately paid. What is the correct entry? Assume the liability for this amount had bot been previously recorded.
Debit payroll tax expense; credit cash Form 940 is the Employer's Annual Federal Tax Return and the amount owed is payroll tax expense. Because the liability had not been previously recorded, the entry should be a debit to payroll tax expense and a credit to cash.
The journal entry to record the payment of FUTA would include and a credit to cash and a:
Debit to FUTA Payable The Journal entry to record the payment of FUTA would include a debit to FUTA Payable and a credit to Cash.
Gross earnings for the office workers of company would be a:
Debit to the wages and salaries expense account
Gross earnings for the office workers of company would be a:
Debit to the wages and salaries expense account The Wages and Salaries Expense account would be used to record gross earnings for the office workers. To record payroll; debit wages expense for the gross payroll, then credit the deduction payable and also credit cash.
Which of the following would be credited if payroll tax expense is debited?
FUTA payable
Which of the following would be credited if payroll tax expense is debited?
FUTA payable FUTA is a type of payroll tax paid by the employer, which would be credited as a payable as it would be paid at some point in the future by the employer.
Which of the following is true about FUTA Taxes?
FUTA taxes are paid both by the end of January of the following year if the amount owed is less than $500 AND by the end of the month following the end of the calendar quarter if the amount owed is more than $500. If the federal unemployment tax liability exceed $500 by the end of any calendar quarter, the employer must electronically remit a quarterly tax deposit. This deposit should be made by the last day of the month following the quarter. However, any amount due at the end of a calendar year must be paid by January 31 of the next year.
Which for contains information about gross earnings and is given to the employee by January 31 of the following year?
Form W-2
Which form contains information about gross earnings and is given to the employee by January 31 of the following year?
Form W-2
The Wages and Salaries Expense account would be used to record:
Gross earnings for the office workers. The wages and Salaries Expense account would be used to record gross earnings for the office workers.
Which of the following is true of tax deposit exemptions?
If the deposit date falls on a Saturday, the deposit date is extended to the next business day. The only choice hat is true is that when a deposit date falls on a Saturday, the deposit date is extended to the ent business day. The same true for when a deposit falls on a Sunday or a legal holiday.
Quarterly payroll reports are required by the IRS for FIT and FICA. Which of following would be the second quarterly report date of a calendar year?
June 30 March 31, June 30, September 30, and December 31
Which of the following would be credited I payroll tax expense is debited?
SUTA payable SUTA is a type of payroll tax paid by the employer, which would be credited as a payable when the expense is recognized as the amount would be paid sometime in the future by the employer.
Form 1096 and form 1099 must be sent to the IRS by an employer when:
The employer hires independent contractors and a contractor was paid $600 or more during the calendar year. When an employer utilizes an independent contractor and the contractor is paid $600 or more during a quarter, form 1096 and 1099 must be prepared and transmitted to the IRS.
The debit amount to Payroll Expense represents:
The employer's portion of the payroll taxes. The debited amount of Payroll Tax Expense represents the employer's share of the total payroll taxes.
The information needed to make the journal entries to record the wages and salaries expense comes from:
The payroll register
