FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 9: Payroll Accounting: Employer Taxes and Reports

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 41

True/False

Review LaterAdd Note

Review Later

The date by which federal income tax withholding,Social Security,and Medicare taxes must be paid depends on the amount of these taxes.

Correct Answer

verified

Show Answer

Question 42

True/False

Review LaterAdd Note

Review Later

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

Correct Answer

verified

Show Answer

Question 43

Essay

Review LaterAdd Note

R.L.Ybarra employs John Ince at a salary of $53,000 a year.Ybarra is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on John's salary.In addition,Ybarra must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.8% on the first $7,000 of Ince's salary.Compute the total cost to Ybarra of employing Ince for the year.

Employees usually pay the entire cost of workers' compensation insurance.

Compute the amount of employer Social Security taxes by multiplying the Social Security taxable earnings by ____________________.

Employers' payroll taxes include FICA,FUTA,and SUTA taxes.

Match the terms with the definitions. -An electronic funds transfer system for making federal tax deposits.

The employer pays which of the following to the Internal Revenue Service?

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

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

A self-employment tax is a contribution to the

Form 940 is called the Employer's Quarterly Federal Tax Return.

Match the terms with the definitions. -A contribution to the FICA program.

Which of the following tax programs often has a merit-rating system to encourage employers to provide regular employment for workers?

Employer payroll taxes clearly are an insignificant cost of doing business.

If an employer qualifies for a lower state unemployment tax rate,this lowers the credit allowed in computing the federal unemployment tax due.

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

In general,the larger the amount of Social Security and Medicare taxes due from an employer,the more frequently payments must be made.

A key source of information for computing employer payroll taxes is the

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