FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 6: Analyzing and Journalizing Payroll Transactions

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

True/False

Review LaterAdd Note

Review Later

At the time that the entry is made to record the employer's payroll taxes, the SUTA tax is recorded at the net amount (0.6%).

Correct Answer

verified

Show Answer

Question 2

Multiple Choice

Review LaterAdd Note

Review Later

The entry to deposit FICA taxes and federal income taxes withheld involves all of the following accounts except:

A) Payroll Taxes.
B) FICA Taxes Payable-OASDI.
C) FICA Taxes Payable-HI.
D) Employees FIT Payable.
E) Cash.

Correct Answer

verified

Show Answer

Question 3

True/False

Review LaterAdd Note

The payroll taxes incurred by an employer are FICA, FUTA, and SUTA.

Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts.

The payroll taxes account is an expense account that is debited for the FICA, FUTA, and SUTA taxes on the employer.

Which of the following accounts is an expense account in which an employer records the FICA, FUTA, and SUTA taxes?

Every state allows employers to make e-payment options as a condition of employment.

FIT Payable is a liability account used to record employees' withheld federal income tax and also the employer's match of that tax.

A debit to the employees FIT payable account removes the liability for the amount of federal income taxes withheld from employees' wages.

Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll.

Which of the following items would require an adjusting entry at the end of each accounting period?

The employee's earnings record provides information for each of the following except:

When withheld union dues are turned over to the union by the employer, a journal entry is made debiting the liability account and crediting the cash account.

An employer will use the payroll register to keep track of an employee's accumulated wages.

In recording the monthly adjusting entry for accrued wages at the end of the accounting period, the amount of the adjustment would usually be determined by:

Union Dues Payable is a liability account credited with the deductions made from union members' wages for their union dues.

Each payday, the total of net pays that the employer incurs is the wage expense that must be debited.

Amounts withheld from employees' wages for health insurance are credited to a liability account.

The FICA taxes on the employer represent both business expenses and liabilities of the employer.

If wages are paid weekly, postings to the employee's earnings record would be done once a month.