T/F – 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.
T/F – Employer payroll taxes are business expenses.
T/F – The employer social security tax rate is not the same as the employee social security tax rate.
T/F – All employers must deposit payments for withheld employees’ federal income tax and social security and Medicare taxes using the Electronic Federal Tax Payment System.
T/F – Each employer is required by law to periodically report the payroll taxes withheld from employee salaries.
T/F – Each employer who withholds income tax and social security and Medicare tax from employee salaries must furnish each employee with a quarterly statement.
T/F – If an employee’s accumulated earnings are $6,850 and the employee earns another $1,000, the amount of the new earnings subject to unemployment tax is $1,000
T/F – The source document for payment of a payroll is the time card.
T/F – Some employers must deposit payments for withheld employees’ federal income tax and social security and Medicare taxes on the next banking day.
T/F – Employer payroll taxes expense is based on a percentage of employee earnings.
T/F – An employer is
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not required to pay federal unemployment taxes on an employee who has already earned $7,000 during the calendar year.
T/F – The source document for journalizing employer payroll taxes is a check.
T/F – The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll.
T/F – 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.
T/F – The transaction to record employer payroll taxes expense is journalized at the end of the quarter.
Social security, Medicare, federal unemployment and state unemployment
What taxes is the employer responsible for paying?
The next January 31st
By what date are employers required to give their employees an annual statement of earnings and withholdings?
When recording the journal entry to pay the tax liability for the first quarter unemployment tax, the account credited would be _______.
What is the source document for paying state unemployment tax?
The net pay of all employees
When semimonthly payroll is paid, the credit to Cash is equal to what amount?
A liability account
The total of the Federal Income Tax column of a payroll register is credited to which type of account?
Federal unemployment tax
A federal tax used for state and federal administrative expenses of the unemployment program is called what?
The source document for payment of a payroll is what?
Social security tax payable, Medicare tax payable, Unemployment tax payable-federal, and Unemployment tax payable-state.
To record the employer payroll taxes expense, which accounts are credited?