Question 1

The employer must prepare at least four copies of each W-2 form.

Accepted Answer

A) True 
 B)False  True

Question 2

Match the terms that follow with the correct definitions.
-Federal tax paid by the employee and matched by the employer

Accepted Answer

A) Form W-4 
B) SUTA tax 
C) Employee's individual earnings record 
D) Worker's compensation insurance 
E) Form 940
F)FICA Medicare
G)Form 941
H)FUTA tax
I)Form W-3
J)Form W-2 
A) Form W-4 
B) SUTA tax 
C) Employee's individual earnings record 
D) Worker's compensation insurance 
E) Form 940
F)FICA Medicare
G)Form 941
H)FUTA tax
I)Form W-3
J)Form W-2 F

Question 3

Payments for state taxes are submitted to the state agency involved.

Accepted Answer

A) True 
 B)False  True

Question 4

The employer identification number is the same as the owner's Social Security number.

Accepted Answer

A) True 
 B)False

Question 5

The W-3 shows all of the following EXCEPT:

Accepted Answer

A)  Employer Name 
B)  Total Company Wages 
C)  Employee Social Security Number 
D)  EIN 
A)  Employer Name 
B)  Total Company Wages 
C)  Employee Social Security Number 
D)  EIN

Question 6

What is NOT an example of internal control procedures that help prevent payroll fraud?

Accepted Answer

A)  Require mandatory vacations 
B)  Outsource Payroll Administration 
C)  Conduct periodic unannounced audits 
D)  Make sure only one person handles payroll functions 
A)  Require mandatory vacations 
B)  Outsource Payroll Administration 
C)  Conduct periodic unannounced audits 
D)  Make sure only one person handles payroll functions

Question 7

Match the terms that follow with the correct definitions.
-Tax form that shows the employees' withholdings for federal income tax and FICA tax as well as the employer's FICA

Accepted Answer

A) Form W-4 
B) SUTA tax 
C) Employee's individual earnings record 
D) Worker's compensation insurance 
E) Form 940
F)FICA Medicare
G)Form 941
H)FUTA tax
I)Form W-3
J)Form W-2 
A) Form W-4 
B) SUTA tax 
C) Employee's individual earnings record 
D) Worker's compensation insurance 
E) Form 940
F)FICA Medicare
G)Form 941
H)FUTA tax
I)Form W-3
J)Form W-2

Question 8

Employees, as well as employers, are required to make payments toward federal unemployment insurance.

Accepted Answer

A) True 
 B)False

Question 9

Match the terms that follow with the correct definitions.
-Federal tax levied on the employer only

Accepted Answer

A) Form W-4 
B) SUTA tax 
C) Employee's individual earnings record 
D) Worker's compensation insurance 
E) Form 940
F)FICA Medicare
G)Form 941
H)FUTA tax
I)Form W-3
J)Form W-2 
A) Form W-4 
B) SUTA tax 
C) Employee's individual earnings record 
D) Worker's compensation insurance 
E) Form 940
F)FICA Medicare
G)Form 941
H)FUTA tax
I)Form W-3
J)Form W-2

Question 10

Match the terms that follow with the correct definitions.
-Insurance paid primarily by the employer that provides benefits for employees injured or killed on the job

Accepted Answer

A) Form W-4 
B) SUTA tax 
C) Employee's individual earnings record 
D) Worker's compensation insurance 
E) Form 940
F)FICA Medicare
G)Form 941
H)FUTA tax
I)Form W-3
J)Form W-2 
A) Form W-4 
B) SUTA tax 
C) Employee's individual earnings record 
D) Worker's compensation insurance 
E) Form 940
F)FICA Medicare
G)Form 941
H)FUTA tax
I)Form W-3
J)Form W-2

Question 11

The source of information to complete the W-2 form is the employee's individual earnings record.

Accepted Answer

A) True 
 B)False

Question 12

By January 31, an employer must furnish all employees with a Form W-4.

Accepted Answer

A) True 
 B)False

Question 13

The state unemployment tax is usually paid quarterly.

Accepted Answer

A) True 
 B)False

Question 14

Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.

Accepted Answer

A) True 
 B)False

Question 15

Wages Payable is used to record:

Accepted Answer

A)  Employee Gross Pay 
B)  Employee Net Pay 
C)  Cumulative Employee Earnings 
D)  Deductions and Taxes 
A)  Employee Gross Pay 
B)  Employee Net Pay 
C)  Cumulative Employee Earnings 
D)  Deductions and Taxes

Question 16

Which of the following frauds refers to recording of someone in the payroll system who does not work for the business?

Accepted Answer

A)  Not hired employee fraud 
B)  Ghost employee fraud 
C)  Federal expense fraud 
D)  Employee expense fraud 
A)  Not hired employee fraud 
B)  Ghost employee fraud 
C)  Federal expense fraud 
D)  Employee expense fraud

Question 17

Steve has cumulative earnings of $7,250 and earned $700 during the current payroll period. If the state unemployment taxes (SUTA) tax is 5.4 percent, with a ceiling of $7,000, the employer liability for state unemployment taxes is:

Accepted Answer

A)  $40.23. 
B)  $13.50. 
C)  $19.45. 
D)  $20.78. 
E)  $31.72. 
A)  $40.23. 
B)  $13.50. 
C)  $19.45. 
D)  $20.78. 
E)  $31.72.

Question 18

Which of the following is debited in the journal entry to record the payment of the taxes shown on the quarterly 941 tax form?

Accepted Answer

A)  Only Cash 
B)  FICA Social Security Tax Payable, FICA Medicare Tax Payable, and Employee's Federal Income Tax Payable 
C)  SUTA Tax Receivable (only employee), FICA Medicare Tax Payable, and Federal Income Tax Payable 
D)  Only Federal Income Tax Payable 
E)  Federal Unemployment Tax (FUT
A)  Payable (only employee) and Federal Income Tax Payable 
A)  Only Cash 
B)  FICA Social Security Tax Payable, FICA Medicare Tax Payable, and Employee's Federal Income Tax Payable 
C)  SUTA Tax Receivable (only employee), FICA Medicare Tax Payable, and Federal Income Tax Payable 
D)  Only Federal Income Tax Payable 
E)  Federal Unemployment Tax (FUT
A)  Payable (only employee) and Federal Income Tax Payable

Question 19

The FUTA tax is imposed on employees on the first $7,000 of annual earnings per employee.

Accepted Answer

A) True 
 B)False

Question 20

To which of the following payroll taxes are employers required to contribute a matching portion for each employee?

Accepted Answer

A)  State unemployment 
B)  Federal unemployment 
C)  FICA Medicare 
D)  FICA Social Security 
E)  All of these 
A)  State unemployment 
B)  Federal unemployment 
C)  FICA Medicare 
D)  FICA Social Security 
E)  All of these

The employer must prepare at least four copies of each W-2 form.

Match the terms that follow with the correct definitions. -Federal tax paid by the employee and matched by the employer

Payments for state taxes are submitted to the state agency involved.

The employer identification number is the same as the owner's Social Security number.

The W-3 shows all of the following EXCEPT:

What is NOT an example of internal control procedures that help prevent payroll fraud?

Match the terms that follow with the correct definitions. -Tax form that shows the employees' withholdings for federal income tax and FICA tax as well as the employer's FICA

Employees, as well as employers, are required to make payments toward federal unemployment insurance.

Match the terms that follow with the correct definitions. -Federal tax levied on the employer only

Match the terms that follow with the correct definitions. -Insurance paid primarily by the employer that provides benefits for employees injured or killed on the job

The source of information to complete the W-2 form is the employee's individual earnings record.

By January 31, an employer must furnish all employees with a Form W-4.

The state unemployment tax is usually paid quarterly.

Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.

Wages Payable is used to record:

Which of the following frauds refers to recording of someone in the payroll system who does not work for the business?

Steve has cumulative earnings of $7,250 and earned $700 during the current payroll period. If the state unemployment taxes (SUTA) tax is 5.4 percent, with a ceiling of $7,000, the employer liability for state unemployment taxes is:

Which of the following is debited in the journal entry to record the payment of the taxes shown on the quarterly 941 tax form?

The FUTA tax is imposed on employees on the first $7,000 of annual earnings per employee.

To which of the following payroll taxes are employers required to contribute a matching portion for each employee?

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters

Exam 8: Employer Taxes, Payments, and Reports

The employer must prepare at least four copies of each W-2 form.

Match the terms that follow with the correct definitions. -Federal tax paid by the employee and matched by the employer

Payments for state taxes are submitted to the state agency involved.

The employer identification number is the same as the owner's Social Security number.

The W-3 shows all of the following EXCEPT:

What is NOT an example of internal control procedures that help prevent payroll fraud?

Match the terms that follow with the correct definitions. -Tax form that shows the employees' withholdings for federal income tax and FICA tax as well as the employer's FICA

Employees, as well as employers, are required to make payments toward federal unemployment insurance.

Match the terms that follow with the correct definitions. -Federal tax levied on the employer only

Match the terms that follow with the correct definitions. -Insurance paid primarily by the employer that provides benefits for employees injured or killed on the job

The source of information to complete the W-2 form is the employee's individual earnings record.

By January 31, an employer must furnish all employees with a Form W-4.

The state unemployment tax is usually paid quarterly.

Salaries Expense is debited to record the employer's FICA contributions and the FUTA and SUTA taxes.

Wages Payable is used to record:

Which of the following frauds refers to recording of someone in the payroll system who does not work for the business?

Steve has cumulative earnings of $7,250 and earned $700 during the current payroll period. If the state unemployment taxes (SUTA) tax is 5.4 percent, with a ceiling of $7,000, the employer liability for state unemployment taxes is:

Which of the following is debited in the journal entry to record the payment of the taxes shown on the quarterly 941 tax form?

The FUTA tax is imposed on employees on the first $7,000 of annual earnings per employee.

To which of the following payroll taxes are employers required to contribute a matching portion for each employee?

Asset, Liability, Owners Equity, Revenue, and Expense Accounts

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

The General Journal and the General Ledger

Adjusting Entries and the Work Sheet

Closing Entries and the Post-Closing Trial Balance

Bank Accounts, Cash Funds, and Internal Controls

Employee Earnings and Deductions

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Methods of Depreciation

Bad Debts

Inventory Methods

Notes Receivablenotes Payable

Filters