Accounting chapter 13 aplia study guide – Flashcards
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all the payroll information needed to prepare payroll and tax reports is found on
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the payroll register and the employee earnings record.
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the payroll journal entry is based on the totals of the
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earnings total column, each deduction column, and the net pay column.
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the earnings total column total is journalized as a debit to
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salary expense
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the total of the federal income tax column of a payroll register is credited to
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a liability account
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the total of the Net Pay column of the payroll register is credited to
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an asset account.
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When a semimonthly payroll is paid, the credit to Cash is equal to the
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net pay of all employees.
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Employer business taxes are
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expenses
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Payroll taxes that are paid by both the emloyer and the employee are
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social security tax and Medicare tax.
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A federal tax used for state and federal administrative expenses of the unemployment program is the
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federal unemployment tax.
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A state tax used to pay benefits to unemployed workers is the
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state unemployment tax
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To record the employer payroll taxes expense, the following accounts are credited:
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Social Security Tax Payable, Medicare Tax Payable, and Unemployment Tax Payable Federal and State.
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Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee and
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IRS Form W-2
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Tor reord the total federal tax payment for employee income tax, social security tax, and Medicare tax, the account credited is
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Cash
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Tor record the payment of federal unemployment tx, the account debited is
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a liability account.
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Directions: Analyze the following statements about a form w-2, Wage and Tax statement. use the form w-2 below to answer the specific questions abour Rick Selby.
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look at page 378. of accounting book.
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Rick Selby's total salary is more than his total social security salary
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false
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This form W-2 shows Rick Selby's net pay for the entire year.
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false
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The amount withheld for Mr. Selby's social security and Medicare tax was more than the amount withheld for his federal income tax.
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true
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State income tax was withheld from Mr. Selby's salary
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false
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All deductions from Mr. Selby's salary are shown on his form w-2
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false
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This form w-2 would indicate whether Mr. Selby had more than one employer during the year
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false
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If an employee works for several employers during the year, that employee must receive a form w-2 from each employer
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true
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An employer is required to provide employees with a form w-2 no later than January 31 of the year following the one for which the report has been completed.
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true
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When rick Selby files his federal income tax return, he must attach copy a of form w-2 to his return
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false
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Businesses in states with state income tax must prepare additional copies of form w-2
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true
