20 terms

Accounting Chapter 13

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The payroll register and the employee earnings record
All the payroll information needed to prepare a payroll and tax reports is found on:
Earnings total column, each deduction column, and the Net Pay Column.
The payroll journal entry is based on the totals of the:
Salary Expense
The Earnings Total column total is journalized as a debit to:
a Liability Account
The total of the Federal Income Tax column of a payroll register is credited to:
An Asset account
The total of the Net Pay column of the payroll register is credited to
Net Pay of all employees
When a semimonthly payroll is paid, the credit to Cash is equal to the:
Expenses
Employer business taxes are:
Social Security/Medicare Tax
Payroll taxes that are paid by both the employer and the employee are:
Federal Unemployment Tax
A federal tax used for state and federal administrative expenses of the unemployment program is the:
State Unemployment Tax
A state tax used to pay benefits to unemployed workers is the:
Social Security Tax Payable/Medicare Tax Payable/Unemployment Tax Payable-Federal/ and Unemployment Tax Payable-State
To record the employer payroll taxes expense, the following accounts are credited:
IRS Form W-2
Each employer who withholds income tax, social security tax, and Medicare Tax from employee earnings must furnish each employee an:
IRS Form 941
Each employer is required by law to report payroll taxes on an:
Cash
To record the total federal tax payment for employee income tax, social security tax, and Medicare Tax, the account credited is:
Liability Account
To record the payment of federal unemployment tax, the account debited is:
Salary Expense-Debit
Employee Income, Social Security, Medicare, Health Insurance, US Savings Bond, Unemployment State, Cash-Credit
Paid Cash for semimonthly payroll
Payroll Taxes Expense-Debit
Social Security, Medicare, Unemployment Federal, Unemployment State- Credit
Recorded employer payroll taxes expense
Employee Income, Social Security, Medicare- Debit
Cash- Credit
Paid cash for liability for employee income tax, social security tax, and medicare tax
Unemployment Federal-Debit
Cash-Credit
Paid cash for federal unemployment tax liability
Unemployment State-Debit
Cash-Credit
Paid cash for state unemployment tax liability