FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 13: Accounting for Payroll and Payroll Taxes

Show Answer

Share

---

All types

Filters

Study Flashcards

Question 1

Multiple Choice

Review LaterAdd Note

Review Later

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) semiannual

Correct Answer

verified

Show Answer

Question 2

True/False

Review LaterAdd Note

Review Later

A business deposits the total of gross wages in a separate payroll checking account.

Correct Answer

verified

Show Answer

Question 3

True/False

Review LaterAdd Note

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

In each pay period, the payroll information for each employee is recorded on his or her employee earnings record.

The source document for paying employee income tax and social security and Medicare tax is

Employer payroll taxes are business expenses.

Employers are required to furnish each employee with an annual statement of earnings and withholdings before

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.

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

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

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

Until the amounts withheld from employee salaries are paid by the employer, they are recorded as

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

Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement.

The tax base for Medicare tax is the same as the tax base for social security tax.

If an employee's accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00.

The payment of payroll taxes to the government is referred to as a

The payroll register provides all the payroll information needed to prepare a payroll.

A state tax used to pay benefits to unemployed workers is

In general, employers are required to pay state unemployment taxes