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5 Written questions

5 Matching questions

  1. FICA provides for
  2. Cash basis of accounting
  3. Common summary reports include
  4. Government regulations require the withholding of taxes from employees and payment of certain taxes by both
  5. Before the end of the first pay period, the employee should complete a
  1. a A method of accounting in which income is recorded when received and expenses are recorded when paid.
  2. b Form W-4
  3. c Statement of income and expense, cash flow statement, trial balance, accounts receivable balance and aging analysis, balance sheet.
  4. d a federal system of old age, survivors, disability, and hospital insurance. Rate is 6.2 % for employees and employers.
  5. e employees and employers

5 Multiple choice questions

  1. monthly and annually
  2. A request for payment.
  3. Form 940
  4. A summary of accounts paid out.
  5. is the chronological record of the practice.

5 True/False questions

  1. General journalis the chronological record of the practice.


  2. FUTAFederal Unemployment Tax Act


  3. All records of employment taxes should be available for review by theIRS


  4. Form W-3The Transmittal of Income and Tax Statement. Employers must file form annualy to transmit wage and income tax withheld statements (Form W-2) to the Social Security Administration.


  5. Kinds of Financial recordsDaily journal and checkbook


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