Question 1

Companies furnish their employees with W-2 forms quarterly.

Accepted Answer

A) True 
 B)False  False

Question 2

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

Accepted Answer

A) True 
 B)False  True

Question 3

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

Accepted Answer

A) True 
 B)False  False

Question 4

This form is also called the Transmittal of Wage and Tax Statement.

Accepted Answer

A) W-2 
B) 941 
C) 940 
D) W-3 
A) W-2 
B) 941 
C) 940 
D) W-3

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

The employer's counterpart to a Social Security number is the:

Accepted Answer

A) Employer Identification Number 
B) Employer Information Number 
C) Employer Item Number 
D) Employer Interest Number 
A) Employer Identification Number 
B) Employer Information Number 
C) Employer Item Number 
D) Employer Interest Number

Question 7

The report filed by employers showing total wages paid to employees and total wages subject to Federal Unemployment Taxes is:

Accepted Answer

A) 941 
B) 940 
C) W-2 
D) 8920 
A) 941 
B) 940 
C) W-2 
D) 8920

Question 8

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

Question 9

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

Accepted Answer

The answer of Match the terms that follow with the...

Question 10

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 11

The federal unemployment tax is paid only by the employee.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

In the journal entry to record the payment of the taxes shown on the quarterly 941 tax form, the debit(s) would be to

Accepted Answer

A) Cash only. 
B) FICA Tax Payable (employee and employer) and Federal Income Tax Payable. 
C) FICA Tax Payable (employee only) and Federal Income Tax Payable. 
D) Federal Income Tax Payable only. 
E) FICA Tax Payable (employer only) and Federal Income Tax Payable. 
A) Cash only. 
B) FICA Tax Payable (employee and employer) and Federal Income Tax Payable. 
C) FICA Tax Payable (employee only) and Federal Income Tax Payable. 
D) Federal Income Tax Payable only. 
E) FICA Tax Payable (employer only) and Federal Income Tax Payable.

Question 14

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 15

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

Accepted Answer

A) True 
 B)False

Question 16

When someone is recorded in the payroll system that does not work for the business, this is an example of:

Accepted Answer

A) Fictional Employee Fraud 
B) Ghost Employee Fraud 
C) False Employee Fraud 
D) False Expense Fraud 
A) Fictional Employee Fraud 
B) Ghost Employee Fraud 
C) False Employee Fraud 
D) False Expense Fraud

Question 17

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 18

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

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

FUTA is an abbreviation for:

Accepted Answer

A) Future Unemployment Tax Act 
B) Federal Unemployment Tax Act 
C) Funding Unemployment Tax Act 
D) None of the above 
A) Future Unemployment Tax Act 
B) Federal Unemployment Tax Act 
C) Funding Unemployment Tax Act 
D) None of the above

Companies furnish their employees with W-2 forms quarterly.

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

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

This form is also called the Transmittal of Wage and Tax Statement.

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

The employer's counterpart to a Social Security number is the:

The report filed by employers showing total wages paid to employees and total wages subject to Federal Unemployment Taxes is:

The 940 Report is prepared and remitted:

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

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

The federal unemployment tax is paid only by the employee.

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

In the journal entry to record the payment of the taxes shown on the quarterly 941 tax form, the debit(s) would be to

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.

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

When someone is recorded in the payroll system that does not work for the business, this is an example of:

FUTA tax liability is generally deposited _ and reported ___.

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

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

FUTA is an abbreviation for:

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 Including Appendix

Bank Accounts and Cash Funds

Employee Earnings and Deductions

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Filters

Exam 8: Employer Taxes, Payments, and Reports

Companies furnish their employees with W-2 forms quarterly.

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

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

This form is also called the Transmittal of Wage and Tax Statement.

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

The employer's counterpart to a Social Security number is the:

The report filed by employers showing total wages paid to employees and total wages subject to Federal Unemployment Taxes is:

The 940 Report is prepared and remitted:

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

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

The federal unemployment tax is paid only by the employee.

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

In the journal entry to record the payment of the taxes shown on the quarterly 941 tax form, the debit(s) would be to

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.

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

When someone is recorded in the payroll system that does not work for the business, this is an example of:

FUTA tax liability is generally deposited _________ and reported ___________.

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

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

FUTA is an abbreviation for:

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 Including Appendix

Bank Accounts and Cash Funds

Employee Earnings and Deductions

Sales and Purchases

Cash Receipts and Cash Payments

Work Sheet and Adjusting Entries

Financial Statements, Closing Entries, and Reversing Entries

Filters

FUTA tax liability is generally deposited _ and reported ___.