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Exam 11: Payroll Taxes, Deposits, and Reports

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Question 1

Multiple Choice

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Which of the following forms is submitted with a copy of the Form W-2 for each employee to the Social Security Administration?

A) Form W-3
B) Form 941
C) Form W-4
D) Form 940

E) All of the above
F) B) and D)

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Question 2

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After the JPR Corporation paid its employees on May 15, 2019, and recorded the corporation's share of payroll taxes for the payroll paid that date, the firm's general ledger showed a balance of $1,730 in the Social Security Tax Payable account, a balance of $356 in the Medicare Tax Payable account, and a balance of $1,972 in the Employee Income Tax Payable account. On May 16, 2019, the business issued a check to deposit the taxes owed in the local bank. Record this transaction on page 7 of a general journal.

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Question 3

Multiple Choice

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Rick O'Shea, the only employee of Hunter Furniture Company, makes $30,000 per year and is paid once a month. For the month of January, his federal income taxes withheld are $180, state income taxes withheld are $37, social security is 6.2% on a maximum wages of $122,700, Medicare tax is 1.45%, State Unemployment Tax is 4.2%, and Federal Unemployment tax is 0.6%, both on a maximum wages of $7,000 per employee. What is the employer's payroll tax expense associated with Rick's paycheck?

Beachside Manufacturing estimates that its office employees will earn $54,000 next year and its factory employees will earn $280,000. The firm pays the following rates for workers' compensation insurance: $0.40 per $100 of wages for the office employees and $4.10 per $100 of wages for the factory employees. Compute the estimated premiums for the office and factory employees.

Generally, the maximum earnings subject to state unemployment taxes is

Each employee of a firm will receive several copies of Form W-2, the Wage and Tax Statement, from the

Match the description with the accounting terms.

Which of the following are employer payroll taxes:

A copy of the Form W-2 for each employee is submitted to the Social Security Administration along with

Roy DeSoto earns a regular hourly salary of $24.50. He is paid time-and-a-half for all hours in excess of 40 in the week. For the week ended March 8, 2019, he worked a total of 50 hours. His gross wages year to date, prior to his March 8, paycheck, are $11,980. Social Security Tax is 6.2% on a maximum of $122,700 of gross wages per year, Medicare Tax is 1.45%, federal unemployment tax is 0.6% and state unemployment tax is 4.2%, both on a maximum of $7,000 of gross wages per year. What is the employer's payroll tax expense for Roy for the week ended March 8, 2019?

To record the deposit of FUTA tax, the accountant would

George's Gameroom had two employees with the following earnings information: - Use the table above and calculate how much of Hillary's December 15 paycheck is still subject to Social Security tax given that the tax is levied on the first $122,700 of annual wages and the Medicare tax rate is 1.45% on all earnings.

Which of the following statements is NOT correct?

Mary Gonzalez had total cumulative gross earnings of $5,800 as of 1/31/19. Her gross earnings for the pay period ending 2/15/19 were $3,000. If federal unemployment taxes are 0.6% on a maximum earnings of $7,000 per year, how much federal unemployment tax will be paid by Mary and how much will be paid by her employer for her earnings of 2/15/19?

ABC Consulting had two employees with the following earnings information: - Use the table above to calculate the employer payroll income taxes associated with Henry's December 15 paycheck given the following tax rates: Social Security tax of 6.2% is levied on the first $122,700 of annual wages and the Medicare tax rate is 1.45% on all earnings. State unemployment tax of 5.4% and federal unemployment tax of 0.6% are both levied on only the first $7,000 of each employee's annual earnings.

The entry to record the Social security and Medicare taxes paid by a business includes a debit to Payroll Taxes Expense.

Employers usually record unemployment taxes at the end of each

George's Gameroom had two employees with the following earnings information: - Use the table above to calculate how much of Barbara's December 15 paycheck is still subject to state unemployment tax given that the rate is 4% and federal unemployment tax is 0.6% and both taxes are levied on only the first $7,000 of each employee's annual earnings.

Which of the following is not an employer payroll tax:

Alfred Spindle earned gross wages of $1,850 for the week ended June 21, 2019. His gross wages year to date, prior to his June 21 paycheck, were $42,620. He had $136 withheld from his pay for federal income taxes, and $86 for health insurance. Social Security tax is 6.2% and Medicare tax is 1.45%; the federal unemployment tax rate is 0.6% and the state unemployment tax rate is 4.2%, both on a maximum of $7,000 per each employee's annual earnings. What is the total employer payroll tax expense associated with Alfred's June 21, 2019, paycheck?