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Exam 11: Payroll Taxes, Deposits, and Reports

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Question 41

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State Unemployment Tax Payable is ________ when the tax is paid to the state.

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Question 42

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The payroll register of Rapid Repairs showed total employee earnings of $1,870 for the week ended April 5, 2019. Compute the employer's payroll taxes for the period. The tax rates are: Social security tax, 6.2 percent; Medicare tax, 1.45 percent; FUTAtax, 0.6 percent; SUTA tax, 2.2 percent. All earnings are taxable. Record the employer's payroll taxes for the period on page 4 of a general journal.

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Question 43

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Form 941 is used to report federal income taxes withheld, social security taxes, and ________ taxes.

On Form 941, the Employer's Quarterly Federal Tax Return, a firm calculates its liability for the quarter for

The unemployment compensation tax program is often called the unemployment insurance program.

Wharfside Manufacturing estimates that its office employees will earn $50,000 next year and its factory employees will earn $260,000. The firm pays the following rates for workers' compensation insurance: $0.42 per $100 of wages for the office employees and $4.60 per $100 of wages for the factory employees. Compute the estimated premiums for the office and factory employees.

If at the end of the year the firm owes a balance for workers' compensation insurance, the adjusting entry includes a

Match the description with the accounting terms

All of the following taxes are withheld from an employee's pay except

The information for preparing Form W-2 is obtained from the employees' individual earnings records.

After the ABC Corporation paid its employees on June 15, 2019, and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $2,380 in the Social Security Tax Payable account, a balance of $685 in the Medicare Tax Payable account, and a balance of $3,050 in the Employee Income Tax Payable account. On June 16, 2019, the business issued a check to deposit the taxes owed in the local bank. Record this transaction on page 15 of a general journal.

During the week ended June 15, Wiley Automotive's employees earned $2,000 of gross wages and had $300 of federal income tax withheld. All of their employees had already earned over $7,000 of gross wages for the year so none of their wages were subject to FUTA or SUTA tax. However, all of their wages were still subject to Social Security tax of 6.2% and Medicare tax of 1.45%. The journal entry to record Payroll Tax Expense for the pay period would be:

Samantha Rodriguez had gross earnings for the pay period ending 10/15/19 of $5,785. Her total gross earnings as of 9/30/19 were $116,700. Social Security taxes are 6.2% on a maximum earnings of $122,700 per year. The Social Security tax due by her employer from her 10/15/19 paychecks is:

Tax returns for the federal unemployment tax are due

Kristy Casey earns $39,000 per year and is paid once a month. For January, she had $188 withheld from her pay for federal income taxes, and $52 withheld for health insurance. Social Security tax is 6.2% on a maximum of $122,700 of gross wages per year, and Medicare tax is 1.45%; the federal unemployment tax rate is 0.6% and state unemployment tax rate is 4.2%. What is the total employer payroll tax expense for Kristy's January paycheck?

The premium rate on ________ insurance is determined by the risk involved in the work performed.

If an employee leaves the firm before the end of the year, the employee may ask for and receive a Form W-2 within 30 days after the request or after the final wage payment.

Which of the following statements is correct?

For the purpose of internal control, the same person who prepares payroll checks should also distribute them.

Form ________ is often referred to as a withholding statement.