Exam 8: Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process

How often is a 940 filed?

Prepare the general journal entry to record the employer's payroll tax expense. ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________

Payroll Cash is a(n):

The journal entry to record the estimated advance premium payment for workers' compensation is:

Grammy's Bakery had the following information for the pay period ending June 30: Assume: FICA-OASDI applied to the first $106,800 at a rate of 6.2%. FICA-Medicare applied at a rate of 1.45%. FUTA applied to the first $7,000 at a rate of 0.8%. SUTA applied to the first $7,000 at a rate of 5.6%. State income tax is 3.8%. Given the above information, what would be the amount applied to Office Salaries Expense?

Kristi's Mentoring had the following information for the pay period ending September 30: FICA-OASDI applied to the first $106,800 at a rate of 6.2% FICA-Medicare applied at a rate of 1.45% FUTA applied to the first $7,000 at a rate of 0.8% SUTA applied to the first $7,000 at a rate of 5.6% State income tax is 3.8% Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings. -Compute the total gross earnings for the tutors. ________

Kristi's Mentoring had the following information for the pay period ending September 30: FICA-OASDI applied to the first $106,800 at a rate of 6.2% FICA-Medicare applied at a rate of 1.45% FUTA applied to the first $7,000 at a rate of 0.8% SUTA applied to the first $7,000 at a rate of 5.6% State income tax is 3.8% Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings. -Compute the total overtime earnings. ________

Prepare a general journal payroll entry for Advanced Computer Programming using the following information: Assume the following: a)FICA: OASDI, 6.2% on a limit of $106,800; Medicare, 1.45% b)Federal income tax is 15% of gross pay c)Each employee pays $20 per week for medical insurance

Form 941 taxes include OASDI, Medicare, and federal unemployment tax.

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary). -Form SS-4 is:

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary). -If an employer owes less than $2,500 for FICA (OASDI and Medicare)and FIT, they can submit:

The account for Payroll Tax Expense includes all of the following except:

S. Ferrari, an employee of Plum Hollow Country Club, earned $1,100 during the first week of January. His withholding included: federal income tax, 15%; state income tax, 5%; FICA-OASDI, 6.2%; FICA-Medicare, 1.45%; and union dues $25. Determine the tax for OASDI, Medicare, Federal Income Tax, and State Income Tax.

A monthly depositor:

Businesses will make their payroll tax deposits based on payroll taxes collected.

A company must pay Form 941 taxes electronically if:

Kristi's Mentoring had the following information for the pay period ending September 30: FICA-OASDI applied to the first $106,800 at a rate of 6.2% FICA-Medicare applied at a rate of 1.45% FUTA applied to the first $7,000 at a rate of 0.8% SUTA applied to the first $7,000 at a rate of 5.6% State income tax is 3.8% Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings. -Compute the total state income tax. ________

Using the information below, determine the amount of the payroll tax expense for B. Harper Company's first payroll of the year. In your answer list the amounts for FICA (OASDI and Medicare), SUTA, and FUTA. Assume: FICA tax rates are: OASDI 6.2% on a limit of $106,800 and Medicare 1.45% State Unemployment tax rate is 5.0% on the first $7,000 Federal Unemployment tax rate is 0.8% on the first $7,000

Different deposit rules apply to employers based on the amount collected and owed by that employer.

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary). -