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Exam 11: Payroll Taxes, Deposits, and Reports

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Question 31

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After the JPR Corporation paid its employees on May 15, 2013, and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $1,730 in the Social Security Tax Payable account, a balance of $356 in the Medicare Tax Payable account, and a balance of $1,972 in the Employee Income Tax Payable account. On May 16, 2013, the business issued a check to deposit the taxes owed in the local bank. Record this transaction on page 7 of a general journal.

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Question 32

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Most states require that the employer file the state return for unemployment taxes

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

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

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Question 33

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To record the payment of SUTA tax, the accountant would

Which of the following statements is not correct?

The payroll register of the Fox Manufacturing Company showed total employee earnings of $28,000 for the week ended April 19, 2013. Compute 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, 0.8 percent for FUTA tax, and 5.4 percent for SUTA tax. All earnings are taxable.

The premium rate on workers' compensation insurance is determined by the ____________________ involved in the work performed.

The unemployment compensation tax program is often called the unemployment insurance program.

Which of the following statements is correct?

Kristy Casey earns $39,000 per year and is paid once a month. For January, she had $188 withheld from her pay for federal income taxes, and $52 withheld for health insurance. Social Security and is 6.2% and Medicare tax is 1.45%; the federal unemployment tax rate is .8% and state unemployment tax rates is 4.2%. What is the total employer payroll tax expense for Kristy's January paycheck?

The information for preparing Form W-2 is obtained from the employees' individual earnings records.

After the Marion Corporation paid its employees on November 15, 2013, 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, 2013, the business issued a check to deposit the taxes owed in the local bank. Record this transaction on page 5 of a general journal.

Which of the following statements is correct?

Form ____________________ is often referred to as a withholding statement.

Form 941 is filed

Sending copies of Form W-2 to each employee marks the end of the payroll procedures for the year.

The payroll register of Reynolds Company showed total employee earnings of $2,320 for the week ended May 10, 2013. Compute the employer's payroll taxes for the period. The tax rates are: Social security tax, 6.2 percent; Medicare tax, 1.45 percent; FUTA tax, 0.8 percent; SUTA tax, 2.2 percent. All earnings are taxable. Record the employer's payroll taxes for the period on page 4 of a general journal.

Which of the following is not an employer payroll tax?

Employers usually record unemployment taxes at the end of each

Match the accounting terms with the description by entering the proper number.

To record the deposit of FUTA tax, the accountant would