Question 1

Required employee payroll deductions include income taxes, FICA taxes, union dues, and charitable contributions.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following insurance coverages is provided by the employers for employees killed or injured on the job?

Accepted Answer

A)  Estate Compensation insurance 
B)  Disability Endurance insurance 
C)  Workers' Compensation Insurance 
D)  Property Assurance Insurance 
A)  Estate Compensation insurance 
B)  Disability Endurance insurance 
C)  Workers' Compensation Insurance 
D)  Property Assurance Insurance

Question 3

FUTA tax liability is generally deposited _________ and reported ___________.

Accepted Answer

A)  Weekly, Monthly 
B)  Monthly, Quarterly 
C)  Quarterly, Annually 
D)  Deposits and Report Dates Vary 
A)  Weekly, Monthly 
B)  Monthly, Quarterly 
C)  Quarterly, Annually 
D)  Deposits and Report Dates Vary

Question 4

The journal entry required to record the employer paying the 941 payroll tax liability is:

Accepted Answer

A) 
Employees' Federal 
Income Tax Payable DR 
FICA Taxes Payable DR 
Cash $\quad$$\quad$CR 
B)  
$\begin{array} { l r } 
\text { FUTA Payable } & \text { DR } \
\text { Cash } & \text { CR }
\end{array}$ 
C)  
SUTA Payable $\quad$$\quad$DR
Cash$\quad$$\quad$CR 
D)  
$\begin{array} { l l } 
\text { FUTA Payable } & \text { DR } \
\text { FICA Payable } & \text { DR } \
\text { Cash } & \text { CR }
\end{array}$ 
A) 
Employees' Federal 
Income Tax Payable DR 
FICA Taxes Payable DR 
Cash $\quad$$\quad$CR 
B)  
$\begin{array} { l r } 
\text { FUTA Payable } & \text { DR } \
\text { Cash } & \text { CR }
\end{array}$ 
C)  
SUTA Payable $\quad$$\quad$DR
Cash$\quad$$\quad$CR 
D)  
$\begin{array} { l l } 
\text { FUTA Payable } & \text { DR } \
\text { FICA Payable } & \text { DR } \
\text { Cash } & \text { CR }
\end{array}$

Question 5

Colin Street Body Shop has the following information for the pay period ending March 31st: Assume the Following:
 
FICA-SS Tax Rate is 6.2%
FICA-Medicare Tax Rate is 1.45%
FUTA Tax Rate is 0.6% on the first $7,000 of wages paid
SUTA Tax Rate is 5% on the first $9,000 of wages paid
From the information provided above, what would be the amount of Wage Expense recorded?

Accepted Answer

A)  $712.50 
B)  $2,500.00 
C)  $3,175.00 
D)  $3,212.50 
A)  $712.50 
B)  $2,500.00 
C)  $3,175.00 
D)  $3,212.50

Question 6

Mary Jane's cumulative year-to-date earnings are $7,200. On June 30th, Mary Jane earned $600. What is the FUTA tax amount that Mary Jane's employer must record and pay on her most recent earnings?

Accepted Answer

A)  $0 
B)  $4.80 
C)  $52.80 
D)  $56.00 
A)  $0 
B)  $4.80 
C)  $52.80 
D)  $56.00

Question 7

Payroll tax expense represents the amount of taxes contributed by the

Accepted Answer

A)  employee. 
B)  employer. 
C)  employee and employer combined. 
D)  employer plus gross pay. 
E)  employer plus the employee's net pay. 
A)  employee. 
B)  employer. 
C)  employee and employer combined. 
D)  employer plus gross pay. 
E)  employer plus the employee's net pay.

Question 8

Which of the following statement is true?

Accepted Answer

A)  Payroll Tax Expense increases on the credit side of the account. 
B)  FICA Medicare Payable increases with a credit. 
C)  Federal Income Tax Withholding Payable decreases with a credit. 
D)  Employee Payroll Taxes withheld are recorded in Payroll Tax Expense. 
A)  Payroll Tax Expense increases on the credit side of the account. 
B)  FICA Medicare Payable increases with a credit. 
C)  Federal Income Tax Withholding Payable decreases with a credit. 
D)  Employee Payroll Taxes withheld are recorded in Payroll Tax Expense.

Question 9

The 941 tax return form is reported ___________.

Accepted Answer

A)  Semi-Weekly 
B)  Monthly 
C)  Quarterly 
D)  Annually 
A)  Semi-Weekly 
B)  Monthly 
C)  Quarterly 
D)  Annually

Question 10

The details of the current week's earnings for each employee are reported on each employee's W-4 form.

Accepted Answer

A) True 
 B)False

Question 11

Most employers are required to withhold federal unemployment taxes from employees' earnings.

Accepted Answer

A) True 
 B)False

Question 12

SUTA taxes are normally paid:

Accepted Answer

A)  Annually 
B)  Quarterly 
C)  Monthly 
D)  Weekly 
A)  Annually 
B)  Quarterly 
C)  Monthly 
D)  Weekly

Question 13

Each employer subject to the federal unemployment tax must file an annual return and pay the unpaid portion of the tax by January 31 of the following year.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following payroll taxes do employers pay on employees?

Accepted Answer

A)  SUTA 
B)  FUTA 
C)  FICA 
D)  All of these 
E)  None of these 
A)  SUTA 
B)  FUTA 
C)  FICA 
D)  All of these 
E)  None of these

Question 15

Match the terms that follow with the correct definitions.
-Tax form that represents the employer's annual unemployment tax return

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 16

The entry to record the payroll tax expense includes all of the following except

Accepted Answer

A)  Federal Unemployment Tax Payable. 
B)  FICA Tax Payable. 
C)  Employees' Federal Income Tax Payable. 
D)  State Unemployment Tax Payable. 
E)  None of these are correct. 
A)  Federal Unemployment Tax Payable. 
B)  FICA Tax Payable. 
C)  Employees' Federal Income Tax Payable. 
D)  State Unemployment Tax Payable. 
E)  None of these are correct.

Question 17

The source of the amounts used to complete the W-2 forms is the payroll register.

Accepted Answer

A) True 
 B)False

Question 18

The employer becomes liable for payroll tax expense when the employees are actually paid.

Accepted Answer

A) True 
 B)False

Question 19

Match the terms that follow with the correct definitions.
-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

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 20

Which of the following frauds refers to improper claims made for the reimbursement of business expenses?

Accepted Answer

A)  False expense reimbursement fraud 
B)  Misleading expense reimbursement fraud 
C)  Fictitious expenses claim fraud 
D)  False claims fraud 
A)  False expense reimbursement fraud 
B)  Misleading expense reimbursement fraud 
C)  Fictitious expenses claim fraud 
D)  False claims fraud

Required employee payroll deductions include income taxes, FICA taxes, union dues, and charitable contributions.

Which of the following insurance coverages is provided by the employers for employees killed or injured on the job?

FUTA tax liability is generally deposited _ and reported ___.

The journal entry required to record the employer paying the 941 payroll tax liability is:

Mary Jane's cumulative year-to-date earnings are $7,200. On June 30th, Mary Jane earned $600. What is the FUTA tax amount that Mary Jane's employer must record and pay on her most recent earnings?

Payroll tax expense represents the amount of taxes contributed by the

Which of the following statement is true?

The 941 tax return form is reported ___________.

The details of the current week's earnings for each employee are reported on each employee's W-4 form.

Most employers are required to withhold federal unemployment taxes from employees' earnings.

SUTA taxes are normally paid:

Each employer subject to the federal unemployment tax must file an annual return and pay the unpaid portion of the tax by January 31 of the following year.

Which of the following payroll taxes do employers pay on employees?

Match the terms that follow with the correct definitions. -Tax form that represents the employer's annual unemployment tax return

The entry to record the payroll tax expense includes all of the following except

The source of the amounts used to complete the W-2 forms is the payroll register.

The employer becomes liable for payroll tax expense when the employees are actually paid.

Match the terms that follow with the correct definitions. -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

Which of the following frauds refers to improper claims made for the reimbursement of business expenses?

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

Required employee payroll deductions include income taxes, FICA taxes, union dues, and charitable contributions.

Which of the following insurance coverages is provided by the employers for employees killed or injured on the job?

FUTA tax liability is generally deposited _________ and reported ___________.

The journal entry required to record the employer paying the 941 payroll tax liability is:

Mary Jane's cumulative year-to-date earnings are $7,200. On June 30th, Mary Jane earned $600. What is the FUTA tax amount that Mary Jane's employer must record and pay on her most recent earnings?

Payroll tax expense represents the amount of taxes contributed by the

Which of the following statement is true?

The 941 tax return form is reported ___________.

The details of the current week's earnings for each employee are reported on each employee's W-4 form.

Most employers are required to withhold federal unemployment taxes from employees' earnings.

SUTA taxes are normally paid:

Each employer subject to the federal unemployment tax must file an annual return and pay the unpaid portion of the tax by January 31 of the following year.

Which of the following payroll taxes do employers pay on employees?

Match the terms that follow with the correct definitions. -Tax form that represents the employer's annual unemployment tax return

The entry to record the payroll tax expense includes all of the following except

The source of the amounts used to complete the W-2 forms is the payroll register.

The employer becomes liable for payroll tax expense when the employees are actually paid.

Match the terms that follow with the correct definitions. -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

Which of the following frauds refers to improper claims made for the reimbursement of business expenses?

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

FUTA tax liability is generally deposited _ and reported ___.