Chapter 14 Accounting Audit Your Understanding
Terms in this set (10)
What account title is used to journalize the Total Earnings column of the payroll register?
The account title is Salary Expense.
What account title is used to journalize the Federal Income Tax column of the payroll register?
The account title is Employee Income Tax Payable.
What account title is used to journalize the Social Security Tax column of the payroll register?
The account title is Social Security Tax Payable.
What account title is used to journalize the Medicare Tax column of the payroll register?
The account title is Medicare Tax Payable.
What is the tax rate Omni Import must pay on employees for each of the following taxes: social security, Medicare, federal unemployment, and state unemployment?
Social Security: (6.5%)
Federal unemployment: (0.8%)
State unemployment: (5.4%)
What is the amount of each employee's earnings that is subject to federal and state unemployment taxes at Omni Import?
When must employers furnish a W-2 statement to their employees?
Employers are required to furnish Form W-2 to each employee by January 31 of the next year.
What taxes are included in the quarterly federal tax return filed by the employer?
Each employer must file a quarterly federal tax return showing the federal income tax, social security tax, and Medicare tax due the government.
For a monthly schedule depositor, when are payroll taxes paid to the federal government?
By the 15th month of the following month
What are two different uses for Fom 8190?
1) Paying the liablity for employee income tax, social security tax, and medicare tax.
2)Paying the liability for Federal Unemployment Tax
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