Chapter 13: Payroll Accounting, Taxes, and
Reports
A federal tax used for state and federal administrative expenses of the unemployment program is the -
correct answer federal unemployment tax
A state tax used to pay benefits to unemployed workers is the - correct answer state unemployment tax
All deductions from Mr.Selby's salary are shown on his form W-2. - correct answer False
All the payroll information needed to prepare a payroll and tax reports is found on - correct answer the
payroll register and the employee earnings record
An employer is required to provide employees with a form W-2 no later than January 31 of the year
following the one for which the report has been completed. - correct answer False
Businesses in states with state income tax must prepare additional copies of form W-2. - correct answer
True
Each employer is required by law to report payroll taxes on an - correct answer IRS Form 941
Each employer who withholds income tax, social security tax, and medicare tax from employee earnings
must furnish each employee an - correct answer IRS Form W-2
Employer business taxes are - correct answer expenses
Federal Unemployment Tax - correct answer A federal tax used for state and federal administrative
expenses of the unemployment program
For a monthly schedule depositor, when are payroll taxes paid to the federal government? - correct
answer By the 15th day of the following month
, If an employee works for several employers during the year, that employee must receive a form W-2
from each employer - correct answer False
Lookback Period - correct answer The 12-month period that ends on June 30th of the prior year
Paid cash for federal unemployment tax - correct answer Debit: social security tax payable
Credit: cash
Paid cash for liability for employee income tax, social security tax, and medicare tax - correct answer
Debit: employee income tax payable, salary expense, health insurance premiums payable
Credit: cash
Paid cash for semimonthly payroll - correct answer Debit: Payroll taxes expense
Credit: cash, employee income tax payable, salary expense, health insurance premiums payable
Paid cash for state unemployment tax liability - correct answer Debit: U.S. savings bonds payable
Credit: cash
Payroll taxes that are paid by both the employer and the employee are - correct answer social security
tax and medicare tax
Recorded employer payroll taxes expense - correct answer Debit: Medicare tax payable
Credit: salary expense, health insurance premiums payable, social security tax payable, U.S. savings
bonds payable
Rick Selby's total salary is more than his total social security salary. - correct answer False
State income tax was withheld from Mr.Selby's salary. - correct answer True
Reports
A federal tax used for state and federal administrative expenses of the unemployment program is the -
correct answer federal unemployment tax
A state tax used to pay benefits to unemployed workers is the - correct answer state unemployment tax
All deductions from Mr.Selby's salary are shown on his form W-2. - correct answer False
All the payroll information needed to prepare a payroll and tax reports is found on - correct answer the
payroll register and the employee earnings record
An employer is required to provide employees with a form W-2 no later than January 31 of the year
following the one for which the report has been completed. - correct answer False
Businesses in states with state income tax must prepare additional copies of form W-2. - correct answer
True
Each employer is required by law to report payroll taxes on an - correct answer IRS Form 941
Each employer who withholds income tax, social security tax, and medicare tax from employee earnings
must furnish each employee an - correct answer IRS Form W-2
Employer business taxes are - correct answer expenses
Federal Unemployment Tax - correct answer A federal tax used for state and federal administrative
expenses of the unemployment program
For a monthly schedule depositor, when are payroll taxes paid to the federal government? - correct
answer By the 15th day of the following month
, If an employee works for several employers during the year, that employee must receive a form W-2
from each employer - correct answer False
Lookback Period - correct answer The 12-month period that ends on June 30th of the prior year
Paid cash for federal unemployment tax - correct answer Debit: social security tax payable
Credit: cash
Paid cash for liability for employee income tax, social security tax, and medicare tax - correct answer
Debit: employee income tax payable, salary expense, health insurance premiums payable
Credit: cash
Paid cash for semimonthly payroll - correct answer Debit: Payroll taxes expense
Credit: cash, employee income tax payable, salary expense, health insurance premiums payable
Paid cash for state unemployment tax liability - correct answer Debit: U.S. savings bonds payable
Credit: cash
Payroll taxes that are paid by both the employer and the employee are - correct answer social security
tax and medicare tax
Recorded employer payroll taxes expense - correct answer Debit: Medicare tax payable
Credit: salary expense, health insurance premiums payable, social security tax payable, U.S. savings
bonds payable
Rick Selby's total salary is more than his total social security salary. - correct answer False
State income tax was withheld from Mr.Selby's salary. - correct answer True
