question

all the payroll information needed to prepare payroll and tax reports is found on

answer

the payroll register and the employee earnings record.

question

the payroll journal entry is based on the totals of the

answer

earnings total column, each deduction column, and the net pay column.

question

the earnings total column total is journalized as a debit to

answer

salary expense

question

the total of the federal income tax column of a payroll register is credited to

answer

a liability account

question

the total of the Net Pay column of the payroll register is credited to

answer

an asset account.

Unlock the answer

question

When a semimonthly payroll is paid, the credit to Cash is equal to the

answer

net pay of all employees.

Unlock the answer

question

Employer business taxes are

answer

expenses

Unlock the answer

question

Payroll taxes that are paid by both the emloyer and the employee are

answer

social security tax and Medicare tax.

Unlock the answer

question

A federal tax used for state and federal administrative expenses of the unemployment program is the

answer

federal unemployment tax.

Unlock the answer

question

A state tax used to pay benefits to unemployed workers is the

answer

state unemployment tax

Unlock the answer

question

To record the employer payroll taxes expense, the following accounts are credited:

answer

Social Security Tax Payable, Medicare Tax Payable, and Unemployment Tax Payable Federal and State.

Unlock the answer

question

Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee and

answer

IRS Form W-2

Unlock the answer

question

Tor reord the total federal tax payment for employee income tax, social security tax, and Medicare tax, the account credited is

answer

Cash

Unlock the answer

question

Tor record the payment of federal unemployment tx, the account debited is

answer

a liability account.

Unlock the answer

question

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.

answer

look at page 378. of accounting book.

Unlock the answer

question

Rick Selby's total salary is more than his total social security salary

answer

false

Unlock the answer

question

This form W-2 shows Rick Selby's net pay for the entire year.

answer

false

Unlock the answer

question

The amount withheld for Mr. Selby's social security and Medicare tax was more than the amount withheld for his federal income tax.

answer

true

Unlock the answer

question

State income tax was withheld from Mr. Selby's salary

answer

false

Unlock the answer

question

All deductions from Mr. Selby's salary are shown on his form w-2

answer

false

Unlock the answer

question

This form w-2 would indicate whether Mr. Selby had more than one employer during the year

answer

false

Unlock the answer

question

If an employee works for several employers during the year, that employee must receive a form w-2 from each employer

answer

true

Unlock the answer

question

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.

answer

true

Unlock the answer

question

When rick Selby files his federal income tax return, he must attach copy a of form w-2 to his return

answer

false

Unlock the answer

question

Businesses in states with state income tax must prepare additional copies of form w-2

answer

true

Unlock the answer

Accounting chapter 13 aplia study guide – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards