Question 1

Which of the following statements is correct?

Accepted Answer

A) The employer sends one copy of the Form 941 for each employee to the Internal Revenue Service. 
B) Form 941 is often referred to as a withholding statement. 
C) An employee must attach one copy of Form W-4 to his or her personal federal income tax return. 
D) An employee must attach one copy of Form W-2 to his or her personal federal income tax return. 
A) The employer sends one copy of the Form 941 for each employee to the Internal Revenue Service. 
B) Form 941 is often referred to as a withholding statement. 
C) An employee must attach one copy of Form W-4 to his or her personal federal income tax return. 
D) An employee must attach one copy of Form W-2 to his or her personal federal income tax return.

Question 2

Form 941 is used to report federal income taxes withheld, social security taxes, and ________ taxes.

Accepted Answer

The answer of Form 941 is used to report federal...

Question 3

State Unemployment Tax Payable is ________ when the tax is paid to the state.

Accepted Answer

The answer of State Unemployment Tax Payable is ________ when...

Question 4

The information for preparing Form W-2 is obtained from the employees' individual earnings records.

Accepted Answer

A) True 
 B)False

Question 5

Form ________ is often referred to as a withholding statement.

Accepted Answer

The answer of Form ________ is often referred to as...

Question 6

The payroll register of Rapid Repairs showed total employee earnings of $1,870 for the week ended April 5, 2019. Compute the employer's payroll taxes for the period. The tax rates are: Social security tax, 6.2 percent; Medicare tax, 1.45 percent; FUTAtax, 0.6 percent; SUTA tax, 2.2 percent. All earnings are taxable. Record the employer's payroll taxes for the period on page 4 of a general journal.

Accepted Answer

The answer of The payroll register of Rapid Repairs showed...

Question 7

During the week ended June 15, Wiley Automotive's employees earned $2,000 of gross wages and had $300 of federal income tax withheld. All of their employees had already earned over $7,000 of gross wages for the year so none of their wages were subject to FUTA or SUTA tax. However, all of their wages were still subject to Social Security tax of 6.2% and Medicare tax of 1.45%. The journal entry to record Payroll Tax Expense for the pay period would be:

Accepted Answer

A) 
  
B) 
  
C) 
  
D) 
  
A) 
  
B) 
  
C) 
  
D)

Question 8

Tax returns for the federal unemployment tax are due

Accepted Answer

A) weekly. 
B) monthly. 
C) quarterly. 
D) annually. 
A) weekly. 
B) monthly. 
C) quarterly. 
D) annually.

Question 9

All of the following taxes are withheld from an employee's pay except

Accepted Answer

A) Medicare tax. 
B) SUTA tax. 
C) Social security tax. 
D) Federal income tax. 
A) Medicare tax. 
B) SUTA tax. 
C) Social security tax. 
D) Federal income tax.

Question 10

Match between columns
                        Premises: Another term for Experience rating system
Another term for Wage and Tax Statement, Form W-2
A program that provides unemployment compensation through a tax levied on employers
Preprinted government form used by the employer to report unemployment taxes for the calendar year
Preprinted government form submitted with Forms W-2 to the Social Security Administration
A system that rewards an employer for maintaining steady employment conditions by reducing the firm's state unemployment tax rate
Preprinted government form used by the employer to report payroll tax information relating to social security, Medicare, and employee income tax withholding to the Internal Revenue Service
Preprinted government form that contains information about an employee's earnings and tax withholdings for the year

Accepted Answer

The Answer of Experience rating system and Employer's Quarterly Federal is...

Question 11

If an employee leaves the firm before the end of the year, the employee may ask for and receive a
Form W-2 within 30 days after the request or after the final wage payment.

Accepted Answer

A) True 
 B)False

Question 12

The unemployment compensation tax program is often called the unemployment insurance program.

Accepted Answer

A) True 
 B)False

Question 13

For the purpose of internal control, the same person who prepares payroll checks should also distribute them.

Accepted Answer

A) True 
 B)False

Question 14

Samantha Rodriguez had gross earnings for the pay period ending 10/15/19 of $5,785. Her total gross earnings as of 9/30/19 were $116,700. Social Security taxes are 6.2% on a maximum earnings of $122,700 per year. The Social Security tax due by her employer from her 10/15/19 paychecks is:

Accepted Answer

A) $61.07 
B) $372.00 
C) $358.67 
D) $442.55 
A) $61.07 
B) $372.00 
C) $358.67 
D) $442.55

Question 15

If at the end of the year the firm owes a balance for workers' compensation insurance, the adjusting entry includes a

Accepted Answer

A) a debit to Payroll Taxes Expense and a credit to cash. 
B) debit to Workers' Compensation Insurance Payable a credit to Workers' Compensation Insurance Expense. 
C) a debit to Workers' Compensation Insurance Expense and a credit to Workers' Compensation Insurance Payable. 
D) a debit to Workers' Compensation Refund Receivable and a credit to Workers' Compensation Insurance Expense. 
A) a debit to Payroll Taxes Expense and a credit to cash. 
B) debit to Workers' Compensation Insurance Payable a credit to Workers' Compensation Insurance Expense. 
C) a debit to Workers' Compensation Insurance Expense and a credit to Workers' Compensation Insurance Payable. 
D) a debit to Workers' Compensation Refund Receivable and a credit to Workers' Compensation Insurance Expense.

Question 16

Wharfside Manufacturing estimates that its office employees will earn $50,000 next year and its factory employees will earn $260,000. The firm pays the following rates for workers' compensation insurance: $0.42 per $100 of wages for the office employees and $4.60 per $100 of wages for the factory employees. Compute the estimated premiums for the office and factory employees.

Accepted Answer

Office employees, $2

Question 17

After the ABC Corporation paid its employees on June 15, 2019, and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of
$2,380 in the Social Security Tax Payable account, a balance of $685 in the Medicare Tax Payable account, and a balance of $3,050 in the Employee Income Tax Payable account. On June 16, 2019, the business issued a check to deposit the taxes owed in the local bank. Record this transaction on page 15 of a general journal.

Accepted Answer

The answer of After the ABC Corporation paid its employees...

Question 18

The premium rate on ________ insurance is determined by the risk involved in the work performed.

Accepted Answer

workers' c

Question 19

Kristy Casey earns $39,000 per year and is paid once a month. For January, she had $188 withheld from her pay for federal income taxes, and $52 withheld for health insurance. Social Security tax is 6.2% on a maximum of $122,700 of gross wages per year, and Medicare tax is 1.45%; the federal unemployment tax rate is 0.6% and state unemployment tax rate is 4.2%. What is the total employer payroll tax expense for Kristy's January paycheck?

Accepted Answer

A) $248.63 
B) $404.63 
C) $385.13 
D) $162.50 
A) $248.63 
B) $404.63 
C) $385.13 
D) $162.50

Question 20

On Form 941, the Employer's Quarterly Federal Tax Return, a firm calculates its liability for the quarter for

Accepted Answer

A) federal income taxes withheld, social security and Medicare taxes, and FUTA taxes. 
B) federal and state income taxes withheld. 
C) social security and Medicare taxes and FUTA taxes. 
D) federal income taxes withheld and social security and Medicare taxes. 
A) federal income taxes withheld, social security and Medicare taxes, and FUTA taxes. 
B) federal and state income taxes withheld. 
C) social security and Medicare taxes and FUTA taxes. 
D) federal income taxes withheld and social security and Medicare taxes.

Exam 11: Payroll Taxes, Deposits, and Reports

Which of the following statements is correct?

Form 941 is used to report federal income taxes withheld, social security taxes, and ________ taxes.

State Unemployment Tax Payable is ________ when the tax is paid to the state.

The information for preparing Form W-2 is obtained from the employees' individual earnings records.

Form ________ is often referred to as a withholding statement.

Tax returns for the federal unemployment tax are due

All of the following taxes are withheld from an employee's pay except

If an employee leaves the firm before the end of the year, the employee may ask for and receive a Form W-2 within 30 days after the request or after the final wage payment.

The unemployment compensation tax program is often called the unemployment insurance program.

For the purpose of internal control, the same person who prepares payroll checks should also distribute them.

Samantha Rodriguez had gross earnings for the pay period ending 10/15/19 of $5,785. Her total gross earnings as of 9/30/19 were $116,700. Social Security taxes are 6.2% on a maximum earnings of $122,700 per year. The Social Security tax due by her employer from her 10/15/19 paychecks is:

If at the end of the year the firm owes a balance for workers' compensation insurance, the adjusting entry includes a

The premium rate on ________ insurance is determined by the risk involved in the work performed.

On Form 941, the Employer's Quarterly Federal Tax Return, a firm calculates its liability for the quarter for

Accounting: The Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and Teh Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analysis

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Accounting for Manufacturing Activities

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

Filters