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Exam 9: Payroll Accounting: Employer Taxes and Reports

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Question 31

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Match the terms with the definitions. -Provides insurance for employees who suffer a job-related illness or injury.

A) Electronic Federal Tax Payment System (EFTPS)
B) employer FICA taxes
C) Employer Identification Number (EIN)
D) Form W-2
E) Form W-3
F) Form 940
G) Form 941
H) FUTA (Federal Unemployment Tax Act) tax
I) merit-rating system
J) self-employment income
K) self-employment tax
L) SUTA (state unemployment tax) tax
M) workers' compensation insurance

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Question 32

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The due date for payroll taxes is the last day of each fiscal quarter: March 31, June 30, September 30, and December 31.

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Question 33

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Match the terms with the definitions. -A system to encourage employers to provide regular employment to workers.

Match the terms with the definitions. -Taxes levied on employers at the same rates and on the same earnings bases as the employee FICA taxes.

The Social Security, Medicare, and FUTA tax accounts are debited when the taxes are actually paid to the IRS.

A self-employment tax is a contribution to the

Persons earning self-employment income of $400 or more must pay a self-employment tax.

When all taxes have been paid, the Social Security Tax Payable account will have

If an employer wishes, the FUTA tax may be deducted from employees' earnings.

The total payroll cost to an employer of an employee who has gross earnings of $78,000 is

One-half of the self-employment tax is really a personal expense to the owner of the business.

Form 941, Employer's Quarterly Federal Tax Return, must be filed with the IRS at the end of the month following each calendar quarter.

The amount of employers' Medicare taxes is computed by multiplying total earnings by 1.45%.

The rules by which employers must deposit Social Security and Medicare taxes can be found in the

Self-employment tax is a contribution to the unemployment compensation program.

Since there is no maximum earnings on the Medicare component of the Social Security tax, the Medicare tax rate of 1.45% is applied to total earnings.

Any Federal Reserve Bank or other authorized commercial bank may issue an Employer Identification Number (EIN).

Mark Turney owns Creative Corners. He does his banking at United Federal Bank (UFB) in Tucson, Arizona. The amounts in his general ledger for payroll taxes and the employee's withholding of Social Security, Medicare, and federal income tax as of April 15 of the current year show the following: Social Security tax payable (employer and employee), $3,020; Medicare tax payable (employer and employee), $734; FUTA tax payable, $84; SUTA tax payable, $414; and Employees income tax payable, $4,622. Journalize the payment of the Form 941 deposit to UFB and the payment of the SUTA tax to the State of Arizona as of April 15, 20--.

The employer FICA tax is levied on employers at the same rate and on the same earnings bases as the employee FICA tax.

After estimating its payroll for the year, an employer usually pays workers' compensation insurance