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Chapter 13 True and False

Each employer who withholds income tax and social security and Medicare tax from employee salaries must furnish each employee with a quarterly statement.
False
Some employers must deposit payments for withheld employees’ federal income tax and social security and Medicare taxes on the next banking day.
True
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.
False
The tax base for Medicare tax is usually the same as the tax base for social security tax.
False
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.
False
Federal unemployment tax is usually paid each month.
False
The timing of payment of tax payments is based on the amount owed.
True
Each employer is required by law to periodically report the payroll taxes withheld from employee salaries.
True
The transaction to record employer payroll taxes expense is journalized at the end of the quarter.
False
Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation.
False
The employer social security tax rate is not the same as the employee social security tax rate.
False
Employer payroll taxes are business expenses.
True
The source document for payment of a payroll is the time card.
False
The payroll register and employee earnings record provide all the payroll information needed to prepare a payroll.
True
In each pay period the payroll information for each employee is recorded on each employee earnings record.
True
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.
True
Employer payroll taxes expense is based on a percentage of employee earnings.
True
An employer is not required to pay federal unemployment taxes on an employee who has already earned $7,000.00 during the calendar year.
True
All employers must deposit payments for withheld employees’ federal income tax and social security and Medicare taxes using the Electronic Federal Tax Payment System (EFTPS).
False
The source document for journalizing employer payroll taxes is a check.
False

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