Chp 11 ACCT 1301 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2025/2026

Chp 11 ACCT 1301 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2025/2026 True or false: Employers make tax deposits for employer and employee Medicare taxes, employer and employee social security taxes, and the federal income tax withheld from employee earnings - Answers True Employer payroll tax deposits can be made: Multiple select question. by electronic deposit by check deposited in an authorized financial institution by automatic withdrawal - Answers by electronic deposit by check deposited in an authorized financial institution lookback period $50,000 - Answers employer must make monthly payments accumulated tax deposit threshold matches - Answers Choice, employer may pay the amount due with the payroll tax return employer may pay the amount due with the payroll tax return lookback period $50,000 matches - Answers employer must make semiweekly deposits accumulated tax liability $100,000 matches - Answers deposit is due next banking day The lookback period is a _________ of the preceding year - Answers four-quarter period ending on June 30 Employers are responsible for matching payments of _______ and _______ tax expenses. - Answers Medicare social security Employers make payroll tax deposits to a Federal Reserve Bank (or authorized financial institution) for - Answers employer Medicare taxes employee social security taxes employee federal income tax withholdings True or false: Most companies are required to file and pay federal tax deposits electronically; however, some companies may use a tax deposit form and pay by check. - Answers True A company's payroll register showed total employee earnings of $3,000 for the payroll period ended January 31. The employer's share of the social security tax is $186, and Medicare tax is $43.50. The general journal entry to record the employer's payroll taxes for the period will include a debit to the ______ account. - Answers payroll taxes expense Federal tax deposit have various due dates, depending on the amount. Identify which of the following schedules are used: - Answers semiweekly payments next banking day payments monthly payments The four-quarter period ending on June 30 of the previous year and used to determine the payroll taxes deposit schedule is called the period. - Answers lookback True or false: Employers pay the same amount of social security and Medicare taxes as the employee pays. - Answers True A company's accounting records show total social security withholdings of $62, total Medicare withholdings of $14.50, and federal income tax withholdings of $123.50. The entry to record the tax deposit will include a debit to which account: - Answers employee income taxes payable in the amount of $123.50 True or false: Employers make tax deposits for employer and employee Medicare taxes, employer and employee social security taxes, and the federal income tax withheld from employee earnings. - Answers True A company's payroll register showed total employee earnings of $1,000 for the payroll period ended August 31. The employer's share of the social security tax is $62, and Medicare tax is $14.50. The general journal entry to record the employer's payroll taxes for the period will include which of the following entries: - Answers a credit to Medicare tax payable a debit to payroll taxes expense a credit to social security tax payable A preprinted government form used by the employer to report payroll tax information relating to social security, Medicare, and employee income tax withholding to the Internal Revenue Service is called the - Answers Employer's Quarterly Federal Tax Return, Form 941 An employee is filing the first quarter Employer's Quarterly Federal Tax Return, Form 941. The deadline to file - Answers April 30 Line 5a of Form 941 shows - Answers total amount of wages subject to social security taxes A company's accounting records show total social security withholdings of $124, total Medicare withholdings of $29.00, and federal income tax withholdings of $147.00. The entry to record the tax deposit will include which of the following entries: - Answers a credit to cash for $300 a debit to social security taxes payable for $124, Medicare tax payable for $29, and employee income tax payable for $147 The Employer's Quarterly Federal Tax Return, Form 941 is a preprinted government form used by the employer to report - Answers payroll tax information relating to social security, Medicare, and employee income tax withholding to the Internal Revenue Service The deadline to file the Employer's Quarterly Federal Tax Return, Form 941 is - Answers last day of the month following the end of each calendar quarter The Employer's Quarterly Federal Tax Return, Form 941, reports which of the following items: - Answers social security withholdings