Question 1

At the end of each quarter, the individual earnings records are totaled.

Accepted Answer

A) True 
 B)False

Question 2

Only the employer is responsible for paying

Accepted Answer

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

Question 3

Federal unemployment tax deposits are made on a ____________________ basis.

Accepted Answer

The answer of Federal unemployment tax deposits are made on...

Question 4

Compute and record workers' compensation insurance premiums for Beverly Manufacturing as follows:
1. The firm estimates that its office employees will earn $40,000 next year and its factory employees will earn $172,000. The firm pays the following rates for workers' compensation insurance: $0.40 per $100 of wages for the office employees and $3.50 per $100 of wages for the factory employees. Compute the estimated premiums for 2013. On page 9 of a general journal, record the payment of the estimated premium. Date the entry January 12, 2013.
2. On January 3, 2014, an audit of the firm's payroll records for 2013 showed that the firm had actually paid wages of $48,000 to its office employees and $165,000 to its factory employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. In the general journal, record the entry to adjust the Workers' Compensation Insurance Expense as of the end of 2013. Date the entry December 31, 2013.

Accepted Answer

The answer of Compute and record workers' compensation insurance premiums...

Question 5

Alfred Spindle earned gross wages of $1,620 for the week ended June 21, 2013. His gross wages year to date, prior to his June 21 paycheck, are $38,556. He had $88 withheld from his pay for federal income taxes, and $16 for health insurance. Social Security and is 6.2% and Medicare tax is 1.45%; the federal unemployment tax rate is .8% and the state unemployment tax rate is 4.2%, both on a maximum of $7,000 per each employee's annual earnings. What is the total employer payroll tax expense from Alfred's June 21, 2013, paycheck?

Accepted Answer

A)  $204.93 
B)  $123.93 
C)  $81.00 
D)  $0 
A)  $204.93 
B)  $123.93 
C)  $81.00 
D)  $0

Question 6

The entry to record a payroll tax on the employer would include a debit to a(n) ____________________ account.

Accepted Answer

The answer of The entry to record a payroll tax...

Question 7

Compute and record workers' compensation insurance premiums for Fairlawn Manufacturing as follows:
1. The firm estimates that its office employees will earn $46,000 next year and its factory employees will earn $162,000. The firm pays the following rates for workers' compensation insurance: $0.40 per $100 of wages for the office employees and $3.50 per $100 of wages for the factory employees. Compute the estimated premiums for 2013. On page 9 of a general journal, record the payment of the estimated premium. Date the entry January 12, 2013.
2. On January 3, 2014, an audit of the firm's payroll records for 2013 showed that the firm had actually paid wages of $48,000 to its office employees and $165,000 to its factory employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. In the general journal, record the entry to adjust the Workers' Compensation Insurance Expense as of the end of 2013. Date the entry December 31, 2013.

Accepted Answer

The answer of Compute and record workers' compensation insurance premiums...

Question 8

All of the following are internal control procedures that are recommended to protect payroll operations except

Accepted Answer

A)  assign new employees to work in payroll operations. 
B)  keep payroll records in locked files. 
C)  make voluntary deductions from employee earnings based only on a signed authorization from the employee. 
D)  retain all Forms W-4. 
A)  assign new employees to work in payroll operations. 
B)  keep payroll records in locked files. 
C)  make voluntary deductions from employee earnings based only on a signed authorization from the employee. 
D)  retain all Forms W-4.

Question 9

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

Accepted Answer

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

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

Firms that provide steady employment may be granted a lower state unemployment tax rate under a(n) ____________________, or merit-rating, system.

Accepted Answer

The answer of Firms that provide steady employment may be...

Question 13

Form 941 must be filed ____________________ time(s) a year.

Accepted Answer

The answer of Form 941 must be filed ____________________ time(s)...

Question 14

Form 940 must be filed ____________________ time(s) a year.

Accepted Answer

The answer of Form 940 must be filed ____________________ time(s)...

Question 15

A business pays the social security tax at the same rate and on the same taxable wages as its employees.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following forms is submitted with a copy of the Form W-2 for each employee to the Social Security Administration?

Accepted Answer

A)  Form W-3 
B)  Form W-4 
C)  Form 940 
D)  Form 941 
A)  Form W-3 
B)  Form W-4 
C)  Form 940 
D)  Form 941

Question 17

The payroll register of Burdick Travel Agency showed total employee earnings of $1,450 for the week ended June 7, 2013. Compute the employer's payroll taxes for the period. The tax rates are: Social security tax, 6.2 percent; Medicare tax, 1.45 percent; FUTA tax, 0.8 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 Burdick Travel Agency...

Question 18

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: $0.37 per $100 of wages for the office employees and $4.00 per $100 of wages for the factory employees. Compute the estimated premiums for the office and factory employees.

Accepted Answer

Office employees, $1

Question 19

Samantha Rodriguez had gross earnings for the pay period ending 10/15/13 of $4,785. Her total gross earnings as of 9/30/13 were $104,500. Social Security taxes are 6.2% on a maximum earnings of $106,800 per year. The Social Security tax due by her employer from her 10/15/13 paychecks is:

Accepted Answer

A)  $297.67 
B)  $142.60 
C)  $154.07 
D)  $192.75 
A)  $297.67 
B)  $142.60 
C)  $154.07 
D)  $192.75

Question 20

To achieve internal control over payroll operations, no changes in employee pay rates should be made without written authorization from management.

Accepted Answer

A) True 
 B)False

At the end of each quarter, the individual earnings records are totaled.

Only the employer is responsible for paying

Federal unemployment tax deposits are made on a ____________________ basis.

The entry to record a payroll tax on the employer would include a debit to a(n) ____________________ account.

All of the following are internal control procedures that are recommended to protect payroll operations except

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

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

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

Firms that provide steady employment may be granted a lower state unemployment tax rate under a(n) ____________________, or merit-rating, system.

Form 941 must be filed ____________________ time(s) a year.

Form 940 must be filed ____________________ time(s) a year.

A business pays the social security tax at the same rate and on the same taxable wages as its employees.

Which of the following forms is submitted with a copy of the Form W-2 for each employee to the Social Security Administration?

Samantha Rodriguez had gross earnings for the pay period ending 10/15/13 of $4,785. Her total gross earnings as of 9/30/13 were $104,500. Social Security taxes are 6.2% on a maximum earnings of $106,800 per year. The Social Security tax due by her employer from her 10/15/13 paychecks is:

To achieve internal control over payroll operations, no changes in employee pay rates should be made without written authorization from management.

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 the 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

Filters

Exam 11: Payroll Taxes, Deposits, and Reports

At the end of each quarter, the individual earnings records are totaled.

Only the employer is responsible for paying

Federal unemployment tax deposits are made on a ____________________ basis.

The entry to record a payroll tax on the employer would include a debit to a(n) ____________________ account.

All of the following are internal control procedures that are recommended to protect payroll operations except

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

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

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

Firms that provide steady employment may be granted a lower state unemployment tax rate under a(n) ____________________, or merit-rating, system.

Form 941 must be filed ____________________ time(s) a year.

Form 940 must be filed ____________________ time(s) a year.

A business pays the social security tax at the same rate and on the same taxable wages as its employees.

Which of the following forms is submitted with a copy of the Form W-2 for each employee to the Social Security Administration?

Samantha Rodriguez had gross earnings for the pay period ending 10/15/13 of $4,785. Her total gross earnings as of 9/30/13 were $104,500. Social Security taxes are 6.2% on a maximum earnings of $106,800 per year. The Social Security tax due by her employer from her 10/15/13 paychecks is:

To achieve internal control over payroll operations, no changes in employee pay rates should be made without written authorization from management.

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 the 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

Filters