Payroll Final Exam Questions and Answers Already Passed

Payroll Final Exam Questions and Answers Already Passed Does the payroll register typically include a separate section for recording employer payroll taxes? No, typically the payroll register does not have a separate column for employer payroll taxes. Is the payroll register used by employers to track an employee's accumulated wages? No, the payroll register is not used for tracking accumulated wages of employees. Are deductions from gross pay in the payroll register reflected on the credit side of the payroll journal entry? Yes, deductions from gross pay are reflected on the credit side of the payroll journal entry. If wages are paid weekly, are postings to the employee's earnings record done once a month? No, postings to the employee's earnings record are done each pay period, not just once a month. To prepare Forms W-2, does an employer rely on the employee's earnings record? Yes, employers use the employee's earnings record to prepare Forms W-2. Do tax withholdings from employees' pay reduce the debit to salary expense in the payroll entry? No, tax withholdings do not reduce the debit to salary expense in the payroll entry. Is the wages and salaries expense account debited for total net pay each payroll period? No, the wages and salaries expense account is not debited for total net pay each payroll period. Is SUTA tax considered a type of social security tax? No, SUTA tax is not classified as a social security tax. Are Advance EIC payments added to employees' take-home pay, thereby increasing employer expenses? No, Advance EIC payments are not added to employees' take-home pay and do not increase employer expenses. Is FIT Payable a liability account used to record both employees' withheld federal income taxes and the employer's match of that tax? No, FIT Payable is not used to record both employees' withheld federal income taxes and the employer's match.