Question 1

In general,the larger the amount of Social Security and Medicare taxes due from an employer,the more frequently payments must be made.

Accepted Answer

A) True 
 B)False

Question 2

The amount of employers' Medicare taxes is computed by multiplying total earnings by 1.45%.

Accepted Answer

A) True 
 B)False

Question 3

R.L.Ybarra employs John Ince at a salary of $53,000 a year.Ybarra is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on John's salary.In addition,Ybarra must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.8% on the first $7,000 of Ince's salary.Compute the total cost to Ybarra of employing Ince for the year.

Accepted Answer

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Question 4

Form 941,Employer's Quarterly Federal Tax Return,must be filed with the IRS at the end of the month following each calendar quarter.

Accepted Answer

A) True 
 B)False

Question 5

Form 940 is called the Employer's Quarterly Federal Tax Return.

Accepted Answer

A) True 
 B)False

Question 6

The Social Security,Medicare,and FUTA tax accounts are debited when the taxes are actually paid to the IRS.

Accepted Answer

A) True 
 B)False

Question 7

A self-employment tax is a contribution to the

Accepted Answer

A)  charities of the individual owner's choice. 
B)  SUTA programs. 
C)  FUTA programs. 
D)  Social Security and Medicare programs. 
A)  charities of the individual owner's choice. 
B)  SUTA programs. 
C)  FUTA programs. 
D)  Social Security and Medicare programs.

Question 8

The employer pays which of the following to the Internal Revenue Service?

Accepted Answer

A)  the employer's Social Security and Medicare taxes 
B)  sales taxes 
C)  property taxes 
D)  no taxes 
A)  the employer's Social Security and Medicare taxes 
B)  sales taxes 
C)  property taxes 
D)  no taxes

Question 9

The total payroll cost to an employer of an employee who has gross earnings of $78,000 is

Accepted Answer

A)  $78,000 plus 30 percent. 
B)  less than $78,000. 
C)  exactly $78,000. 
D)  more than $78,000. 
A)  $78,000 plus 30 percent. 
B)  less than $78,000. 
C)  exactly $78,000. 
D)  more than $78,000.

Question 10

Match the terms with the definitions.
-An electronic funds transfer system for making federal tax deposits.

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 11

The due date for payroll taxes is the last day of each fiscal quarter: March 31,June 30,September 30,and December 31.

Accepted Answer

A) True 
 B)False

Question 12

If an employer qualifies for a lower state unemployment tax rate,this lowers the credit allowed in computing the federal unemployment tax due.

Accepted Answer

A) True 
 B)False

Question 13

The date by which federal income tax withholding,Social Security,and Medicare taxes must be paid depends on the amount of these taxes.

Accepted Answer

A) True 
 B)False

Question 14

Compute the amount of employer Social Security taxes by multiplying the Social Security taxable earnings by ____________________.

Accepted Answer

The answer of Compute the amount of employer Social Security...

Question 15

Employer payroll taxes clearly are an insignificant cost of doing business.

Accepted Answer

A) True 
 B)False

Question 16

Employers' payroll taxes include FICA,FUTA,and SUTA taxes.

Accepted Answer

A) True 
 B)False

Question 17

Match the terms with the definitions.
-A contribution to the FICA 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 18

Employees usually pay the entire cost of workers' compensation insurance.

Accepted Answer

A) True 
 B)False

Question 19

A key source of information for computing employer payroll taxes is the

Accepted Answer

A)  statement of owner's equity. 
B)  end-of-period balance sheet. 
C)  payroll register. 
D)  employees' check stubs. 
A)  statement of owner's equity. 
B)  end-of-period balance sheet. 
C)  payroll register. 
D)  employees' check stubs.

Question 20

Which of the following tax programs often has a merit-rating system to encourage employers to provide regular employment for workers?

Accepted Answer

A)  FICA 
B)  FUTA 
C)  SUTA 
D)  workers' compensation insurance 
A)  FICA 
B)  FUTA 
C)  SUTA 
D)  workers' compensation insurance

In general,the larger the amount of Social Security and Medicare taxes due from an employer,the more frequently payments must be made.

The amount of employers' Medicare taxes is computed by multiplying total earnings by 1.45%.

Form 941,Employer's Quarterly Federal Tax Return,must be filed with the IRS at the end of the month following each calendar quarter.

Form 940 is called the Employer's Quarterly Federal Tax Return.

The Social Security,Medicare,and FUTA tax accounts are debited when the taxes are actually paid to the IRS.

A self-employment tax is a contribution to the

The employer pays which of the following to the Internal Revenue Service?

The total payroll cost to an employer of an employee who has gross earnings of $78,000 is

Match the terms with the definitions. -An electronic funds transfer system for making federal tax deposits.

The due date for payroll taxes is the last day of each fiscal quarter: March 31,June 30,September 30,and December 31.

If an employer qualifies for a lower state unemployment tax rate,this lowers the credit allowed in computing the federal unemployment tax due.

The date by which federal income tax withholding,Social Security,and Medicare taxes must be paid depends on the amount of these taxes.

Compute the amount of employer Social Security taxes by multiplying the Social Security taxable earnings by ____________________.

Employer payroll taxes clearly are an insignificant cost of doing business.

Employers' payroll taxes include FICA,FUTA,and SUTA taxes.

Match the terms with the definitions. -A contribution to the FICA program.

Employees usually pay the entire cost of workers' compensation insurance.

A key source of information for computing employer payroll taxes is the

Which of the following tax programs often has a merit-rating system to encourage employers to provide regular employment for workers?

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

In general,the larger the amount of Social Security and Medicare taxes due from an employer,the more frequently payments must be made.

The amount of employers' Medicare taxes is computed by multiplying total earnings by 1.45%.

Form 941,Employer's Quarterly Federal Tax Return,must be filed with the IRS at the end of the month following each calendar quarter.

Form 940 is called the Employer's Quarterly Federal Tax Return.

The Social Security,Medicare,and FUTA tax accounts are debited when the taxes are actually paid to the IRS.

A self-employment tax is a contribution to the

The employer pays which of the following to the Internal Revenue Service?

The total payroll cost to an employer of an employee who has gross earnings of $78,000 is

Match the terms with the definitions. -An electronic funds transfer system for making federal tax deposits.

The due date for payroll taxes is the last day of each fiscal quarter: March 31,June 30,September 30,and December 31.

If an employer qualifies for a lower state unemployment tax rate,this lowers the credit allowed in computing the federal unemployment tax due.

The date by which federal income tax withholding,Social Security,and Medicare taxes must be paid depends on the amount of these taxes.

Compute the amount of employer Social Security taxes by multiplying the Social Security taxable earnings by ____________________.

Employer payroll taxes clearly are an insignificant cost of doing business.

Employers' payroll taxes include FICA,FUTA,and SUTA taxes.

Match the terms with the definitions. -A contribution to the FICA program.

Employees usually pay the entire cost of workers' compensation insurance.

A key source of information for computing employer payroll taxes is the

Which of the following tax programs often has a merit-rating system to encourage employers to provide regular employment for workers?

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