Accounting Ch 14

False

Calculating federal and state unemployment tax is complicated because the stae and federal unemployment tax regulations use different tax bases.

True

Each employer is required by law to periodically report the payroll taxes withheld from employee salaries.

quarterly

Each employer must file a federal tax return showing the federal income tax and social security and Medicare taxes due the government _____________.

False

Each employer who withholds inocme tax and social security and medicare tax from employee salaries must furnish each employee with a quarterly statement.

True

Each pay period the payroll info for each employee is reocrded on each employee earnings record.

True

Employer payroll taxes are bsuiness expenses

True

Employer payroll taxes expense is based on a percentage of employee earnings.

January 31 of the following year

Employers are required to furnish each employee with an annuals statement of earnanigns and withholdings before ____________.

False

Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation.

False

Federal unemployment tax is usually paid each month.

False

If an employee's accumulated earnings are $6,500, and the employee earns another $1500, the amount of new earnings subject ot unemployment tax is $1500.

during the month following each calendar quarter.

In general, employers are required to pay state unemployment taxes ____________.

False

In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register.

True

Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day.

False

The employer social security tax rate is not the same as the employee social security tax rate.

Salary 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 the liaiblty accounts and a debit to ____________________.

True

The payroll register and employee earnings recors provide all the payroll info needed to prepare a payroll

a check

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 __________.

False

The source document for payment of a payroll is the time card.

False

The tax base for Meicare tax is usually the same as the tax base for social security tax

True

The timing of payment of tax payments is based on the amount owed.

unemployment taxable earnings

The total earnings subject to federal unemployment tax is referred to as _________.

False

The transaction to record employer payroll taxes expense is journalized at the end of the quarter.

liabilities

Until the amounts withheld from employee salaries are paid by the empolyer, they are recorded as ____________.