Accounting II: Chapter 13 – Flashcards
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In each pay period, the payroll information for each employee is recorded on his or her employee earnings record
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True
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The payroll register provides all the payroll information needed to prepare a payroll
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False
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A business deposits the total of gross wages in a separate payroll checking account
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False
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Employer taxes are business expenses
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True
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The employer social security tax rate is different than the employee social security tax rate
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False
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Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation
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False
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The transaction to record employer payroll taxes expense is journalized at the end of the quarter
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False
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Each employer is required by aw to periodically report the payroll taxes withheld from employee salaries
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True
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The timing of payroll tax payments is based on the amount owed
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True
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Form W-2 reports an employee's annual earning and the with holdings for federal income, social security, and Medicare taxes
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True
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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
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False
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The tax base for Medicare tax is the same as the tax base for social security tax
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False
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If an employee's accumulated earnings are $6,500 and the employee earns another $1,500, the amount of new earnings subject to unemployment tax is $1,500
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False
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Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day
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True
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Each employer who withholds income tax, social security tax, and Medicare tax from employee earnings must furnish each employee with a quarterly statement
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False
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Until the amounts withheld from employee salaries are paid by the employer, they are recorded as______
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Liabilities
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The payment of payroll taxes to the government is referred to as a_____
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Deposit
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The total earnings subject to federal unemployment tax is referred to as______
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Unemployment taxable earnings
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Each employer must file a ______ federal tax return showing the federal income tax, social security tax, and Medicare tax due the government
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Quarterly
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Employers are required to furnish each employee with an annual statement of earnings and withholdings before____
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January 31 of the following year
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The source document for paying employee income tax and social security and Medicare tax is_____
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a check
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In general, employers are required to pay state unemployment taxes
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During the month following each calendar quarter
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The source document for paying state unemployment tax is
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a check
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A state tax used to pay benefits to unemployed workers is_____
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State unemployment tax
