5 Written questions
5 Matching questions
- FICA provides for
- Cash basis of accounting
- Common summary reports include
- Government regulations require the withholding of taxes from employees and payment of certain taxes by both
- Before the end of the first pay period, the employee should complete a
- a A method of accounting in which income is recorded when received and expenses are recorded when paid.
- b Form W-4
- c Statement of income and expense, cash flow statement, trial balance, accounts receivable balance and aging analysis, balance sheet.
- d a federal system of old age, survivors, disability, and hospital insurance. Rate is 6.2 % for employees and employers.
- e employees and employers
5 Multiple choice questions
- monthly and annually
- A request for payment.
- Form 940
- A summary of accounts paid out.
- is the chronological record of the practice.
5 True/False questions
General journal → is the chronological record of the practice.
FUTA → Federal Unemployment Tax Act
All records of employment taxes should be available for review by the → IRS
Form W-3 → The 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.
Kinds of Financial records → Daily journal and checkbook