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Exam 11: Payroll Taxes, Deposits, and Reports

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Question 21

Multiple Choice

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Form 941 is filed

A) monthly.
B) quarterly.
C) annually.
D) each payroll period.

E) None of the above
F) A) and D)

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Question 22

Multiple Choice

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Employers usually record unemployment taxes at the end of each

A) payroll.
B) month.
C) quarter.
D) year.

E) A) and B)
F) A) and C)

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Question 23

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The entry to record the employer's payroll taxes would include a debit to an expense account and a credit to one or more liability accounts.

Form 940 must be filed ____________________ time(s)a year.

Which of the following statements is not correct?

For which of the following is there no limit to the amount of wages subject to the tax?

George's Gameroom had two employees with the following earnings information: Use the table above and calculate how much of Hillary's December 15 paycheck is still subject to Social Security tax given that the tax is levied on the first $113,700 of annual wages and the Medicare tax rate is 1.45% on all earnings.

Which of the following payroll taxes is not paid by the employee?

The payroll register of the Fox Manufacturing Company showed total employee earnings of $28,000 for the week ended April 19,2016.Compute each of the employer's payroll taxes for the period.Use a rate of 6.2 percent for the employer's share of the social security tax,1.45 percent for Medicare tax,0.6 percent for FUTA tax,and 5.4 percent for SUTA tax.Assume all earnings are taxable.

After the Marion Corporation paid its employees on November 15,2016,and recorded the corporation's share of payroll taxes for the payroll paid that date,the firm's general ledger showed a balance of $1,925 in the Social Security Tax Payable account,a balance of $519 in the Medicare Tax Payable account,and a balance of $2,105 in the Employee Income Tax Payable account.On November 16,2016,the business issued a check to deposit the taxes owed in the local bank.Record this transaction on page 5 of a general journal.

FUTA tax,like social security tax,is levied on both the employer and the employee and,therefore,is withheld from employee's pay.

The payroll register of the Hound Manufacturing Company showed total employee earnings of $36,000 for the week ended September 20,2016.Compute each of the employer's payroll taxes for the period.Use a rate of 6.2 percent for the employer's share of the social security tax,1.45 percent for Medicare tax,0.6 percent for FUTA tax,and 5.4 percent for SUTA tax.Assume all earnings are taxable.

Both the employer and the employee are responsible for paying

George's Gameroom had two employees with the following earnings information: Use the table above and calculate how much of Barbara's December 15 paycheck is still subject to state unemployment tax given that the rate is 4% and federal unemployment tax is .6% and both taxes are levied on only the first $7,000 of each employee's annual earnings.

The frequency of deposits of federal income taxes withheld and social security and Medicare taxes is most dependent on

Which of the following taxes is not withheld from an employee's pay?

Which of the following is not an employer payroll tax:

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

To achieve internal control over payroll operations,no changes in employee pay rates should be made without written authorization from management.

Employees' payments for federal income taxes withheld and social security and Medicare taxes are periodically