The source document for payment of a payroll is the time card.
Employers must pay to the government the taxes withheld from employee earnings.
Employers payroll taxes are business expenses.
Employer payroll taxes expense is based on a percentage of employee earnings.
The employer social security tax rate is not the same as the employee social security tax rate.
Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation.
An employer is not required to pay federal unemployment taxes on an employee who has already earned $7,000.00 during the calender year.
The source document for journalizing employer payroll taxes is a check.
Employee withheld income tax, employee social security and Medicare tax, and employer social security and Medicare tax are paid periodically to the federal government in a combined payment.
The 12-month period that ends on June 30th of the prior year is called the lookback period.
In the journal entry for a payroll, the amount debited to Salary Expense is the total of the Net Pay column of the payroll register.
In the journal entry for a payroll, the amount credited to Cash is the total of the Total Earnings column of the payroll register.
The tax base for Medicare tax is usually the same as the tax base for social security tax.
If an employee’s accumulated earnings are $6,500.00, and the employee earns another $1,500.00, the amount of new earnings subject to unemployment tax is $1,500.00.
Some employers must deposit payments for withheld employees’ federl income tax and social security and Medicare taxes on the next banking day.
Until the amounts withheld from employee salaries are paid by the employer, they are recorded as ________.
The source document for payment of a payroll is ________.
The entry to journalize paying a semimonthly payroll less deductions for employee income tax, social security and Medicare tax, and U.S. Savings Bonds is a credit to Cash and liability accounts and a debit to ___________.
Employers must pay payroll taxes for _______.
social security and Medicare, federal unemployment, and state unemployment, and state unemployment taxes
Social security and Medicare taxes are paid by __________.
employers and employees
The total earnings subject to federal unemployment tax is referred to as ___________.
unemployment taxable earnings
In the entry to journalize employer payroll taxes expenses for a semimonthly period, the account debited would be ________.
Payroll tax Expense
The report that shows total year’s earnings and amounts withheld for taxes for an employee is prepared on form __________.
Employers are required to furnish each employee an annual statement of earnings and withholding before ___________.
January 31 of the following year
The source document for paying employee income tax and social security and Medicare tax is __________.
In the entry to journalize paying the liability for the first quarter federal unemployment tax, the account credited would be __________.
The source document for paying state unemployment tax is __________.
The total of the Net Pay column of the payroll register is credited to ________.
an asset account
When a semimonthly payroll is paid, the credit to Cash is equal to the _________.
net pay of all employees
A federal tax used for state and federal administrative expenses of the unemployment program is _________.
federal unemployment tax
A state tax used to pay benefits to unemployed workers is ___________.
state unemployment tax
To record the employer payroll taxes expense, the following accounts are credited:
Social Security Tax Payable, Medicare Tax Payable, Unemployment Tax
To record the total federal tax payment for employee income tax, social security tax and Medicare tax, the account credited is __________.
To record the payment of federal unemployment tax, the account debited is __________.
a liability account
The Total Earnings column total is journalized as a debit to _________.
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