Question 1

Journalizing payroll taxes for the employer will require several debit entries but only one credit entry.

Accepted Answer

A) True 
 B)False

Question 2

A system for making federal tax deposits electronically is called the ____________________.

Accepted Answer

Electronic

Question 3

Since there is no maximum earnings on the Medicare component of the Social Security tax,the Medicare tax rate of 1.45% is applied to total earnings.

Accepted Answer

A) True 
 B)False

Question 4

Match the terms with the definitions.
-A tax levied on employers to raise funds to administer the federal/state unemployment compensation program.

Accepted Answer

A) Electronic Federal Tax Payment System (EFTPS) 
B) employer FICA taxes 
C) Employer Identification Number (EIN) 
D) Form W-2 
E) Form W-3
F)Form 940
G)Form 941
H)FUTA (Federal Unemployment Tax Act) tax
I)merit-rating system
J)self-employment income
K)self-employment tax
L)SUTA (state unemployment tax) tax
M)workers' compensation insurance 
A) Electronic Federal Tax Payment System (EFTPS) 
B) employer FICA taxes 
C) Employer Identification Number (EIN) 
D) Form W-2 
E) Form W-3
F)Form 940
G)Form 941
H)FUTA (Federal Unemployment Tax Act) tax
I)merit-rating system
J)self-employment income
K)self-employment tax
L)SUTA (state unemployment tax) tax
M)workers' compensation insurance

Question 5

Match the terms with the definitions.
-Employer's Quarterly Federal Tax Return

Accepted Answer

A) Electronic Federal Tax Payment System (EFTPS) 
B) employer FICA taxes 
C) Employer Identification Number (EIN) 
D) Form W-2 
E) Form W-3
F)Form 940
G)Form 941
H)FUTA (Federal Unemployment Tax Act) tax
I)merit-rating system
J)self-employment income
K)self-employment tax
L)SUTA (state unemployment tax) tax
M)workers' compensation insurance 
A) Electronic Federal Tax Payment System (EFTPS) 
B) employer FICA taxes 
C) Employer Identification Number (EIN) 
D) Form W-2 
E) Form W-3
F)Form 940
G)Form 941
H)FUTA (Federal Unemployment Tax Act) tax
I)merit-rating system
J)self-employment income
K)self-employment tax
L)SUTA (state unemployment tax) tax
M)workers' compensation insurance

Question 6

The ____________________ encourages employers to provide regular employment to workers.

Accepted Answer

The answer of The ____________________ encourages employers to provide regular...

Question 7

The FUTA tax applies to all employee earnings throughout the year.

Accepted Answer

A) True 
 B)False

Question 8

The rules by which employers must deposit Social Security and Medicare taxes can be found in the

Accepted Answer

A)  Circular E--Employer's Tax Guide. 
B)  Circle K Tax Guide. 
C)  Federal Reserve Bank Tax Guide. 
D)  state tax guide. 
A)  Circular E--Employer's Tax Guide. 
B)  Circle K Tax Guide. 
C)  Federal Reserve Bank Tax Guide. 
D)  state tax guide.

Question 9

Employers who have less than $2,500 due in federal income tax withholding and Social Security and Medicare taxes at the end of the quarter should journalize the debt and pay at the end of the

Accepted Answer

A)  year. 
B)  quarter. 
C)  month following the end of the quarter. 
D)  next banking day. 
A)  year. 
B)  quarter. 
C)  month following the end of the quarter. 
D)  next banking day.

Question 10

SUTA tax payments vary among states but are usually required on a quarterly basis.

Accepted Answer

A) True 
 B)False

Question 11

An Employer Identification Number (EIN)is obtained by the employer from the

Accepted Answer

A)  nearest Federal Reserve Bank. 
B)  CIA. 
C)  Internal Revenue Service. 
D)  nearest local federally insured bank. 
A)  nearest Federal Reserve Bank. 
B)  CIA. 
C)  Internal Revenue Service. 
D)  nearest local federally insured bank.

Question 12

____________________ provides insurance for employees who suffer a job-related illness or injury.

Accepted Answer

Workers' c

Question 13

Anthony Pescador owns Sundance Florist.He does his banking at United Credit Union (UCU)in Myrtle Beach,South Carolina.The amounts in his general ledger for payroll taxes and the employee's withholding of Social Security,Medicare,and federal income tax as of April 15 of the current year show the following: Social Security tax payable (employer and employee),$3,412; Medicare tax payable (employer and employee),$816; FUTA tax payable,$180; SUTA tax payable,$1,256; and Employee income tax payable,$9,828.Journalize the payment of the Form 941 deposit to UCU and the payment of the SUTA tax to the State of South Carolina as of April 15,20--.

Accepted Answer

The answer of Anthony Pescador owns Sundance Florist.He does his...

Question 14

Employers are required to file an annual report of federal unemployment tax using ____________________.

Accepted Answer

The answer of Employers are required to file an annual...

Question 15

Employer payroll taxes include FUTA,SUTA,and ____________________ taxes.

Accepted Answer

The answer of Employer payroll taxes include FUTA,SUTA,and ____________________ taxes....

Question 16

Social Security,Medicare,FUTA,and SUTA taxes have separate liability accounts.

Accepted Answer

A) True 
 B)False

Question 17

Employer payroll taxes may be deposited either through the Electronic Federal Tax Payment System or by using ____________________.

Accepted Answer

The answer of Employer payroll taxes may be deposited either...

Question 18

The Social Security,Medicare,FUTA,and SUTA tax accounts normally have credit balances.

Accepted Answer

A) True 
 B)False

Question 19

The employer must pay the amount owed for Social Security and Medicare by the business to the IRS; however,the employees pay for Social Security and Medicare directly to the IRS.

Accepted Answer

A) True 
 B)False

Question 20

Most employers have to pay FICA and FUTA taxes.

Accepted Answer

A) True 
 B)False

Journalizing payroll taxes for the employer will require several debit entries but only one credit entry.

A system for making federal tax deposits electronically is called the ____________________.

Since there is no maximum earnings on the Medicare component of the Social Security tax,the Medicare tax rate of 1.45% is applied to total earnings.

Match the terms with the definitions. -A tax levied on employers to raise funds to administer the federal/state unemployment compensation program.

Match the terms with the definitions. -Employer's Quarterly Federal Tax Return

The ____________________ encourages employers to provide regular employment to workers.

The FUTA tax applies to all employee earnings throughout the year.

The rules by which employers must deposit Social Security and Medicare taxes can be found in the

Employers who have less than $2,500 due in federal income tax withholding and Social Security and Medicare taxes at the end of the quarter should journalize the debt and pay at the end of the

SUTA tax payments vary among states but are usually required on a quarterly basis.

An Employer Identification Number (EIN)is obtained by the employer from the

____________________ provides insurance for employees who suffer a job-related illness or injury.

Employers are required to file an annual report of federal unemployment tax using ____________________.

Employer payroll taxes include FUTA,SUTA,and ____________________ taxes.

Social Security,Medicare,FUTA,and SUTA taxes have separate liability accounts.

Employer payroll taxes may be deposited either through the Electronic Federal Tax Payment System or by using ____________________.

The Social Security,Medicare,FUTA,and SUTA tax accounts normally have credit balances.

The employer must pay the amount owed for Social Security and Medicare by the business to the IRS; however,the employees pay for Social Security and Medicare directly to the IRS.

Most employers have to pay FICA and FUTA taxes.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Module Accounting For A Professional Service Business The Combination Journal

Filters

Exam 9: Payroll Accounting: Employer Taxes and Reports

Journalizing payroll taxes for the employer will require several debit entries but only one credit entry.

A system for making federal tax deposits electronically is called the ____________________.

Since there is no maximum earnings on the Medicare component of the Social Security tax,the Medicare tax rate of 1.45% is applied to total earnings.

Match the terms with the definitions. -A tax levied on employers to raise funds to administer the federal/state unemployment compensation program.

Match the terms with the definitions. -Employer's Quarterly Federal Tax Return

The ____________________ encourages employers to provide regular employment to workers.

The FUTA tax applies to all employee earnings throughout the year.

The rules by which employers must deposit Social Security and Medicare taxes can be found in the

Employers who have less than $2,500 due in federal income tax withholding and Social Security and Medicare taxes at the end of the quarter should journalize the debt and pay at the end of the

SUTA tax payments vary among states but are usually required on a quarterly basis.

An Employer Identification Number (EIN)is obtained by the employer from the

____________________ provides insurance for employees who suffer a job-related illness or injury.

Employers are required to file an annual report of federal unemployment tax using ____________________.

Employer payroll taxes include FUTA,SUTA,and ____________________ taxes.

Social Security,Medicare,FUTA,and SUTA taxes have separate liability accounts.

Employer payroll taxes may be deposited either through the Electronic Federal Tax Payment System or by using ____________________.

The Social Security,Medicare,FUTA,and SUTA tax accounts normally have credit balances.

The employer must pay the amount owed for Social Security and Medicare by the business to the IRS; however,the employees pay for Social Security and Medicare directly to the IRS.

Most employers have to pay FICA and FUTA taxes.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Module Accounting For A Professional Service Business The Combination Journal

Filters