Question 1

The cost of workers' compensation insurance for the employer depends on all of the following EXCEPT

Accepted Answer

A)  the number of employees. 
B)  the riskiness of the jobs the employees perform. 
C)  the company's accident history. 
D)  the amount of FICA,FUTA,and SUTA taxes due. 
A)  the number of employees. 
B)  the riskiness of the jobs the employees perform. 
C)  the company's accident history. 
D)  the amount of FICA,FUTA,and SUTA taxes due.

Question 2

Self-employment tax is a contribution to the unemployment compensation program.

Accepted Answer

A) True 
 B)False

Question 3

Match the terms with the definitions.
-Taxes levied on employers at the same rates and on the same earnings bases as the employee FICA taxes.

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 4

A(n)____________________ identifies the employer on all payroll forms and reports filed with the IRS.

Accepted Answer

Employer I

Question 5

The payroll register is a key source of information for computing employer payroll taxes.

Accepted Answer

A) True 
 B)False

Question 6

Melissa Taylor has gross earnings of $425 and withholdings of $26.35 for Social Security tax,$6.16 for Medicare tax,and $35 for federal income tax.Her employer pays $26.35 for Social Security tax,$6.16 for Medicare tax,$3 for FUTA tax,and $9 for SUTA tax.The total cost of Melissa to her employer is

Accepted Answer

A)  $32.51. 
B)  $425.00. 
C)  $469.51. 
D)  $437.00. 
A)  $32.51. 
B)  $425.00. 
C)  $469.51. 
D)  $437.00.

Question 7

To journalize the payment of Medicare taxes to the IRS,the correct entry would be

Accepted Answer

A)  debit Medicare Tax Payable and credit IRS. 
B)  debit Medicare Tax Payable and credit Social Security Payable. 
C)  debit Medicare Tax Payable and credit Cash. 
D)  debit Medicare Tax Payable and credit Payroll Taxes Expense. 
A)  debit Medicare Tax Payable and credit IRS. 
B)  debit Medicare Tax Payable and credit Social Security Payable. 
C)  debit Medicare Tax Payable and credit Cash. 
D)  debit Medicare Tax Payable and credit Payroll Taxes Expense.

Question 8

After estimating its payroll for the year,an employer usually pays workers' compensation insurance

Accepted Answer

A)  at the beginning of the year. 
B)  monthly. 
C)  quarterly. 
D)  at the end of the year. 
A)  at the beginning of the year. 
B)  monthly. 
C)  quarterly. 
D)  at the end of the year.

Question 9

Sunny Hills Farm estimated its payroll for the coming year to be $102,000.Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter.
Required:
1.Calculate the estimated cost of workers' compensation insurance for the year.
2.Show the journal entry for the first quarterly payment on January 2,20--.
3.Assume Sunny Hills Farm's actual payroll for the year was $105,000.Calculate the additional premium owed for 20--.Record the adjustment needed at December 31,20--.The actual payment of the additional insurance will not take place until January of the following year.

Accepted Answer

? 1. @#LAT-DLM&
@#LAT-DLM& per quarter
2

Question 10

Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000.Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter.
Required:
1.Calculate the estimated cost of workers' compensation insurance for the year.
2.Show the journal entry for the first quarterly payment on January 2,20--.
3.Assume Ryan's actual payroll for the year was $89,000.Calculate the additional premium owed for 20--.Record the adjustment needed on December 31,20--.The actual payment of the additional insurance premium will not take place until January of the following year.

Accepted Answer

1. @#LAT-DLM&
@#LAT-DLM& per quarter

2.

Question 11

Employers who have $100,000 or more due in federal income tax withholding and Social Security and Medicare taxes on any day during the current 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 12

The due date for payroll taxes is not the same date for all employers.

Accepted Answer

A) True 
 B)False

Question 13

Form 941 is a(n)

Accepted Answer

A)  Employee Withholding Allowance Certificate. 
B)  Employer's Quarterly Federal Tax Return. 
C)  Wage and Tax Statement. 
D)  Employer's Annual Federal Unemployment Tax Return. 
A)  Employee Withholding Allowance Certificate. 
B)  Employer's Quarterly Federal Tax Return. 
C)  Wage and Tax Statement. 
D)  Employer's Annual Federal Unemployment Tax Return.

Question 14

Employers use the ____________________ to transmit employees' W-2 forms to the Social Security Administration.

Accepted Answer

The answer of Employers use the ____________________ to transmit employees'...

Question 15

In most states,the state unemployment tax is levied only on employers.

Accepted Answer

A) True 
 B)False

Question 16

Match the terms with the definitions.
-A tax levied on employers to raise funds to pay unemployment benefits.

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 17

Taxes levied on employers at the same rates and on the same earnings bases as the employee Social Security and Medicare taxes are known as ____________________.

Accepted Answer

The answer of Taxes levied on employers at the same...

The cost of workers' compensation insurance for the employer depends on all of the following EXCEPT

Self-employment tax is a contribution to the unemployment compensation program.

Match the terms with the definitions. -Taxes levied on employers at the same rates and on the same earnings bases as the employee FICA taxes.

A(n)____________________ identifies the employer on all payroll forms and reports filed with the IRS.

The payroll register is a key source of information for computing employer payroll taxes.

Melissa Taylor has gross earnings of $425 and withholdings of $26.35 for Social Security tax,$6.16 for Medicare tax,and $35 for federal income tax.Her employer pays $26.35 for Social Security tax,$6.16 for Medicare tax,$3 for FUTA tax,and $9 for SUTA tax.The total cost of Melissa to her employer is

To journalize the payment of Medicare taxes to the IRS,the correct entry would be

After estimating its payroll for the year,an employer usually pays workers' compensation insurance

Employers who have $100,000 or more due in federal income tax withholding and Social Security and Medicare taxes on any day during the current quarter should journalize the debt and pay at the end of the

The due date for payroll taxes is not the same date for all employers.

Form 941 is a(n)

Employers use the ____________________ to transmit employees' W-2 forms to the Social Security Administration.

In most states,the state unemployment tax is levied only on employers.

Match the terms with the definitions. -A tax levied on employers to raise funds to pay unemployment benefits.

Taxes levied on employers at the same rates and on the same earnings bases as the employee Social Security and Medicare taxes are known as ____________________.

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

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Exam 9: Payroll Accounting: Employer Taxes and Reports

The cost of workers' compensation insurance for the employer depends on all of the following EXCEPT

Self-employment tax is a contribution to the unemployment compensation program.

Match the terms with the definitions. -Taxes levied on employers at the same rates and on the same earnings bases as the employee FICA taxes.

A(n)____________________ identifies the employer on all payroll forms and reports filed with the IRS.

The payroll register is a key source of information for computing employer payroll taxes.

Melissa Taylor has gross earnings of $425 and withholdings of $26.35 for Social Security tax,$6.16 for Medicare tax,and $35 for federal income tax.Her employer pays $26.35 for Social Security tax,$6.16 for Medicare tax,$3 for FUTA tax,and $9 for SUTA tax.The total cost of Melissa to her employer is

To journalize the payment of Medicare taxes to the IRS,the correct entry would be

After estimating its payroll for the year,an employer usually pays workers' compensation insurance

Employers who have $100,000 or more due in federal income tax withholding and Social Security and Medicare taxes on any day during the current quarter should journalize the debt and pay at the end of the

The due date for payroll taxes is not the same date for all employers.

Form 941 is a(n)

Employers use the ____________________ to transmit employees' W-2 forms to the Social Security Administration.

In most states,the state unemployment tax is levied only on employers.

Match the terms with the definitions. -A tax levied on employers to raise funds to pay unemployment benefits.

Taxes levied on employers at the same rates and on the same earnings bases as the employee Social Security and Medicare taxes are known as ____________________.

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