Question 1

Payroll Tax Expense includes all of the following EXCEPT:

Accepted Answer

A)  FICA Taxes Payable 
B)  SUTA 
C)  FUTA 
D)  Federal Income Tax Withheld 
A)  FICA Taxes Payable 
B)  SUTA 
C)  FUTA 
D)  Federal Income Tax Withheld

Question 2

Form 940 is filled by employers to submit:

Accepted Answer

A)  Employer's Annual Federal Unemployment (FUTA ) Tax Return. 
B)  Employer's Annual Federal State Employment (FSTA ) Tax Return, 
C)  Employer's Annual Municipal Employment (META ) Tax Return.. 
D)  Employer's Annual State Income (STA ) Tax Return, 
E)  Employer's Annual Federal Unemployment (FUTA ) Tax Return., 
A)  Employer's Annual Federal Unemployment (FUTA ) Tax Return. 
B)  Employer's Annual Federal State Employment (FSTA ) Tax Return, 
C)  Employer's Annual Municipal Employment (META ) Tax Return.. 
D)  Employer's Annual State Income (STA ) Tax Return, 
E)  Employer's Annual Federal Unemployment (FUTA ) Tax Return.,

Question 3

If the limit on unemployment taxes is $7,000, and Bart's accumulated earnings prior to his current earnings of $960 are $6,750, the amount of his check that is taxable for unemployment is

Accepted Answer

A)  $7,000.00. 
B)  $250.00. 
C)  $840.00. 
D)  $6,750.00. 
E)  $960.00. 
A)  $7,000.00. 
B)  $250.00. 
C)  $840.00. 
D)  $6,750.00. 
E)  $960.00.

Question 4

Employer Payroll Tax liability occurs when:

Accepted Answer

A)  The employee comes to work 
B)  The payroll journal entry is completed 
C)  When the employee is actually paid 
D)  When the payroll liability is paid 
A)  The employee comes to work 
B)  The payroll journal entry is completed 
C)  When the employee is actually paid 
D)  When the payroll liability is paid

Question 5

There is no wage ceiling limit for which of the following:

Accepted Answer

A)  FICA Medicare 
B)  SUTA 
C)  FUTA 
D)  FICA Social Security 
A)  FICA Medicare 
B)  SUTA 
C)  FUTA 
D)  FICA Social Security

Question 6

Form 941 must be submitted quarterly.

Accepted Answer

A) True 
 B)False

Question 7

The number assigned to employers by the IRS for use in submitting and reporting tax payments is:

Accepted Answer

A)  EIN 
B)  TIPN 
C)  iPay 
D)  FUTA 
A)  EIN 
B)  TIPN 
C)  iPay 
D)  FUTA

Question 8

Explain why employers might not be enthusiastic about employee requests for pay raises, aside from obvious reasons of the cost of the pay raise itself.

Accepted Answer

The amount of the pay raise is not the o

Question 9

Match between columns
                        Premises:  Tax form that represents the employer's annual unemployment tax return
 Tax form that shows the employees' withholdings for federal income tax and FICA tax as well as the employer's FICA
 State tax used for paying subsistence benefits to unemployed workers
 The source of information for the W-2 form
 A form specifying the number of exemptions claimed by an employee
 Tax form that shows the employee's annual gross earnings and the taxes withheld
 Federal tax paid by the employee and matched by the employer
 An annual report filed by the employer and sent to the Social Security Administration showing wages, tips, and tax withholdings of the firm's employees
 Insurance paid primarily by the employer that provides benefits for employees injured or killed on the job
 Federal tax levied on the employer only

Accepted Answer

The Answer of Form W-4 and SUTA tax and Employee's is...

Question 10

Match the terms that follow with the correct definitions.
-A form specifying the number of exemptions claimed by an employee

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

Hardy Company has the following balances in its general ledger as of September 1 of this year:
1.
FICA Taxes Payable (liability for August), $1,150.00 (employee and employer).
2.
Employees' Federal Income Tax Payable (liability for August), $908.00.
3.
Federal Unemployment Tax Payable (liability for July and August), $215.00.
4.
State Unemployment Tax Payable (liability for July and August), $1,262.75.
The company completed the following transactions involving the payroll during September and October:
?
?
   ??
   ?
   ?
Instructions:
Record the transactions in the general journal.

Accepted Answer

The answer of Hardy Company has the following balances in...

Question 12

If a tax payment is made, what is the effect on the FICA Taxes Payable Account?

Accepted Answer

A)  Increase with a, CR 
B)  Increase with a, DR 
C)  Decrease with a DR 
D)  Decrease with a, CR 
A)  Increase with a, CR 
B)  Increase with a, DR 
C)  Decrease with a DR 
D)  Decrease with a, CR

Question 13

All companies have to pay the federal unemployment insurance quarterly.

Accepted Answer

A) True 
 B)False

Question 14

If a company is considered to have high employee turnover, what effect does the turnover have on the Payroll Tax expenses for the business?

Accepted Answer

A)  Increases payroll tax expenses 
B)  Decreases payroll tax expenses 
C)  Would not have any effect 
D)  May increase or decrease payroll tax expenses depending on the time of the year. 
A)  Increases payroll tax expenses 
B)  Decreases payroll tax expenses 
C)  Would not have any effect 
D)  May increase or decrease payroll tax expenses depending on the time of the year.

Question 15

FUTA is an abbreviation for Social Security taxes.

Accepted Answer

A) True 
 B)False

Question 16

Once the employee's income reaches the limit placed on Social Security tax, the amount deducted is reduced based on the number of exemptions claimed.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following items is considered to be a cost of having an employee?

Accepted Answer

A)  Federal unemployment 
B)  FICA Medicare 
C)  FICA Social Security 
D)  All of these 
E)  None of these 
A)  Federal unemployment 
B)  FICA Medicare 
C)  FICA Social Security 
D)  All of these 
E)  None of these

Question 18

The federal unemployment tax is paid only by the employee.

Accepted Answer

A) True 
 B)False

Question 19

The Payroll Tax Expense account is used to record the employer's state unemployment tax, federal unemployment tax, and federal income tax.

Accepted Answer

A) True 
 B)False

Question 20

The 940 Report is prepared and remitted:

Accepted Answer

A)  Monthly 
B)  Quarterly 
C)  Annually 
D)  As soon as wages reach $7,000 
A)  Monthly 
B)  Quarterly 
C)  Annually 
D)  As soon as wages reach $7,000

Payroll Tax Expense includes all of the following EXCEPT:

Form 940 is filled by employers to submit:

If the limit on unemployment taxes is $7,000, and Bart's accumulated earnings prior to his current earnings of $960 are $6,750, the amount of his check that is taxable for unemployment is

Employer Payroll Tax liability occurs when:

There is no wage ceiling limit for which of the following:

Form 941 must be submitted quarterly.

The number assigned to employers by the IRS for use in submitting and reporting tax payments is:

Explain why employers might not be enthusiastic about employee requests for pay raises, aside from obvious reasons of the cost of the pay raise itself.

Match the terms that follow with the correct definitions. -A form specifying the number of exemptions claimed by an employee

If a tax payment is made, what is the effect on the FICA Taxes Payable Account?

All companies have to pay the federal unemployment insurance quarterly.

If a company is considered to have high employee turnover, what effect does the turnover have on the Payroll Tax expenses for the business?

FUTA is an abbreviation for Social Security taxes.

Once the employee's income reaches the limit placed on Social Security tax, the amount deducted is reduced based on the number of exemptions claimed.

Which of the following items is considered to be a cost of having an employee?

The federal unemployment tax is paid only by the employee.

The Payroll Tax Expense account is used to record the employer's state unemployment tax, federal unemployment tax, and federal income tax.

The 940 Report is prepared and remitted:

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

Payroll Tax Expense includes all of the following EXCEPT:

Form 940 is filled by employers to submit:

If the limit on unemployment taxes is $7,000, and Bart's accumulated earnings prior to his current earnings of $960 are $6,750, the amount of his check that is taxable for unemployment is

Employer Payroll Tax liability occurs when:

There is no wage ceiling limit for which of the following:

Form 941 must be submitted quarterly.

The number assigned to employers by the IRS for use in submitting and reporting tax payments is:

Explain why employers might not be enthusiastic about employee requests for pay raises, aside from obvious reasons of the cost of the pay raise itself.

Match the terms that follow with the correct definitions. -A form specifying the number of exemptions claimed by an employee

If a tax payment is made, what is the effect on the FICA Taxes Payable Account?

All companies have to pay the federal unemployment insurance quarterly.

If a company is considered to have high employee turnover, what effect does the turnover have on the Payroll Tax expenses for the business?

FUTA is an abbreviation for Social Security taxes.

Once the employee's income reaches the limit placed on Social Security tax, the amount deducted is reduced based on the number of exemptions claimed.

Which of the following items is considered to be a cost of having an employee?

The federal unemployment tax is paid only by the employee.

The Payroll Tax Expense account is used to record the employer's state unemployment tax, federal unemployment tax, and federal income tax.

The 940 Report is prepared and remitted:

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