Exam 8: Employer Taxes, Payments, and Reports

If the limit for Social Security is $113,700 and Medicare is applied to all earnings and George Rory's gross earnings this pay period are $7,300, with cumulative earnings prior to this pay period of $112,460, the taxable earnings for FICA taxes are

Sharon Wilson has cumulative earnings of $106,900 and earns $5,500 during the current pay period. If the FICA rate is 6.2% for Social Security, with a limit of $113,700, and 1.45% for Medicare, applied to all earnings, the total FICA tax to be withheld for this pay period is:

Sven Trent has cumulative earnings of $6,580 and earned $840 during the current payroll period. If the SUTA tax is 5.4 percent, with a ceiling of $7,000, the employer liability for state unemployment taxes is

Most states require employers to provide which of the following for the benefit of their employees:

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

Robert Martin's gross earnings for the week ended December 20 amount to $2,200. His cumulative gross earnings for the year up through the last pay period amount to $91,500. If the FICA tax rate is 6.2 percent for Social Security, with a limit of $113,700, and 1.45 percent for Medicare, applied to all earnings, the total FICA tax to be withheld is

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

The entry to record the employer's payroll taxes includes a

The FICA tax percentage is composed of both Social Security and Medicare taxes.

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

The number of exemptions claimed on a W-4 form helps to determine the federal income tax withholding.

Match the terms that follow with the correct definitions. -State tax used for paying subsistence benefits to unemployed workers

The rate of the state unemployment tax varies considerably among states.

Explain the difference between Form W-2 and W-4 including why each form is needed by employers to complete payroll activities.

Nguyen has cumulative earnings of $112,400and earns $6,800 during the current pay period. If the FICA rate is 6.2 percent for Social Security, with a limit of $113,700, and 1.45 percent for Medicare, applied to all earnings, the total FICA tax to be withheld for this pay period is

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

Extra hours that are added to wage information in order to increase pay is an example of:

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

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

Fernando Black has $6,800 cumulative earnings during the calendar year and earned $950 during the current pay period. If the state unemployment tax is 5.4 percent of the first $7,000, the federal unemployment tax is 0.6 percent of the first $7,000, the FICA Social Security tax is 6.2 percent of the first $113,700, and FICA Medicare tax is 1.45 percent on all earnings, the amounts placed in the Taxable Earnings columns of the payroll register are