Rudyard Accounting Chapter 13 – Flashcards
Unlock all answers in this set
Unlock answersquestion
True
answer
T/F - Employee withheld income tax, employee social security and Medicare tax, and employer social security and Medicare tax are paid periodically to the federal government in a combined payment.
question
True
answer
T/F - Employer payroll taxes are business expenses.
question
False
answer
T/F - The employer social security tax rate is not the same as the employee social security tax rate.
question
False
answer
T/F - All employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes using the Electronic Federal Tax Payment System.
question
True
answer
T/F - Each employer is required by law to periodically report the payroll taxes withheld from employee salaries.
question
False
answer
T/F - Each employer who withholds income tax and social security and Medicare tax from employee salaries must furnish each employee with a quarterly statement.
question
False
answer
T/F - If an employee's accumulated earnings are $6,850 and the employee earns another $1,000, the amount of the new earnings subject to unemployment tax is $1,000
question
False
answer
T/F - The source document for payment of a payroll is the time card.
question
True
answer
T/F - Some employers must deposit payments for withheld employees' federal income tax and social security and Medicare taxes on the next banking day.
question
True
answer
T/F - Employer payroll taxes expense is based on a percentage of employee earnings.
question
True
answer
T/F - An employer is not required to pay federal unemployment taxes on an employee who has already earned $7,000 during the calendar year.
question
False
answer
T/F - The source document for journalizing employer payroll taxes is a check.
question
True
answer
T/F - The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll.
question
False
answer
T/F - 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.
question
False
answer
T/F - The transaction to record employer payroll taxes expense is journalized at the end of the quarter.
question
Social security, Medicare, federal unemployment and state unemployment
answer
What taxes is the employer responsible for paying?
question
The next January 31st
answer
By what date are employers required to give their employees an annual statement of earnings and withholdings?
question
Cash
answer
When recording the journal entry to pay the tax liability for the first quarter unemployment tax, the account credited would be _______.
question
A check
answer
What is the source document for paying state unemployment tax?
question
The net pay of all employees
answer
When semimonthly payroll is paid, the credit to Cash is equal to what amount?
question
A liability account
answer
The total of the Federal Income Tax column of a payroll register is credited to which type of account?
question
Federal unemployment tax
answer
A federal tax used for state and federal administrative expenses of the unemployment program is called what?
question
A check
answer
The source document for payment of a payroll is what?
question
Social security tax payable, Medicare tax payable, Unemployment tax payable-federal, and Unemployment tax payable-state.
answer
To record the employer payroll taxes expense, which accounts are credited?
