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Exam 9: Payroll Accounting: Employer Taxes and Reports

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Question 51

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Melissa Taylor has gross earnings of $425 and withholdings of $26.35 for Social Security tax,$6.16 for Medicare tax,and $35 for federal income tax.Her employer pays $26.35 for Social Security tax,$6.16 for Medicare tax,$3 for FUTA tax,and $9 for SUTA tax.The total cost of Melissa to her employer is

A) $32.51.
B) $425.00.
C) $469.51.
D) $437.00.

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Question 52

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To journalize the payment of Medicare taxes to the IRS,the correct entry would be

A) debit Medicare Tax Payable and credit IRS.
B) debit Medicare Tax Payable and credit Social Security Payable.
C) debit Medicare Tax Payable and credit Cash.
D) debit Medicare Tax Payable and credit Payroll Taxes Expense.

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Question 53

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Taxes levied on employers at the same rates and on the same earnings bases as the employee Social Security and Medicare taxes are known as ____________________.

Employers who have $100,000 or more due in federal income tax withholding and Social Security and Medicare taxes on any day during the current quarter should journalize the debt and pay at the end of the

In most states,the state unemployment tax is levied only on employers.

Form 941 is a(n)

A(n)____________________ identifies the employer on all payroll forms and reports filed with the IRS.

Sunny Hills Farm estimated its payroll for the coming year to be $102,000.Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1.Calculate the estimated cost of workers' compensation insurance for the year. 2.Show the journal entry for the first quarterly payment on January 2,20--. 3.Assume Sunny Hills Farm's actual payroll for the year was $105,000.Calculate the additional premium owed for 20--.Record the adjustment needed at December 31,20--.The actual payment of the additional insurance will not take place until January of the following year.

The cost of workers' compensation insurance for the employer depends on all of the following EXCEPT

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.

Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000.Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1.Calculate the estimated cost of workers' compensation insurance for the year. 2.Show the journal entry for the first quarterly payment on January 2,20--. 3.Assume Ryan's actual payroll for the year was $89,000.Calculate the additional premium owed for 20--.Record the adjustment needed on December 31,20--.The actual payment of the additional insurance premium will not take place until January of the following year.

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

Employers use the ____________________ to transmit employees' W-2 forms to the Social Security Administration.

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

The due date for payroll taxes is not the same date for all employers.

Match the terms with the definitions. -A tax levied on employers to raise funds to pay unemployment benefits.

The payroll register is a key source of information for computing employer payroll taxes.