Chapter 13 Accounting
Terms in this set (22)
What account title is used to journalize the Total Earnings column of the payroll register?
What account title is used to journalize the Federal Income Tax column of the payroll register?
Employee Income Tax Payable
What account title is used to journalize the Social Security Tax column of the payroll register?
Social Security Tax Payable
What account title is used to journalize the Medicare Tax column of the payroll register?
Medicare Tax Payable
federal unemployment tax
a federal tax used for state and federal administrative expenses of the unemployment program
state unemployment tax
a state tax used to pay benefits to unemployed workers
What is the tax rate Hobby Shack must pay on employees for each of the following taxes: social security, Medicare, federal unemployment, and state unemployment?
social securituy: 6.2% of total earnings
medicare: 1.45% of total earnings
federal unemployment: 0.8% of total earnings
state unemployment: 5.4% of total earnings
What is the amount of each employee's earnings that is subject to federal and state unemployment taxes at Hobby Shack?
When must employeers furnish a W-2 statement to their employees?
if an employee ends employment before December 31
What taxes are included in the quarterly federal tax return filed by the employer?
federal income tax withheld, employee social security tax withheld, employee medicare tax withheld
the 12-month period that ends on June 30th of the prior year
For a monthly schedule depositor, when are payroll taxes paid to the federal government?
the first calendar year of business
What are two different uses for Form 8109?
1. coupon book to new employers
2. after the lookback period is established, the business must evaluate whether a change in its depoait period is required
All the payroll information needed to prepare a payroll and tax reports is found on
Form W-4 and the payroll register
The payroll journal entry is based on the totals of the
Earnings Total column, each deduction column, and the Net Pay column
The Earnings Total column total is journalized as a debit to
The total of the Federal Income Tax column of a payroll register is credited to
an expense account
The total of the Net Pay column of the payroll register is credited to
a liability account
When a semi monthly payroll is paid, the credit to Cash is equal to the
total earnings of all the employees
Employer business taxes are
Payroll taxes that are paid by both the employer and the employee are
social security tax and medicare tax
A federal tax used for state and federal administrative expenses of the unemployment program is the
federal unemployment tax