Question 1

Which of the following statements is not correct?

Accepted Answer

A)  A few states levy an unemployment tax on the employee that must be withheld from the employee's pay.
B)  The reduction of state unemployment taxes because of favorable experience ratings reduces the credit allowable against the federal unemployment tax.
C)  One of the purposes of the unemployment insurance program is to stabilize employment and reduce unemployment.
D)  The unemployment insurance program is a federal program.E) A) and D)
F) A) and C)

Question 2

This preprinted government form is used to report federal unemployment taxes.

Accepted Answer

A)  Form 8109
B)  Form W-2
C)  Form 940
D)  Form 941E) B) and C)
F) A) and D)

Question 3

The entry to record the deposit of federal income taxes withheld includes a ________ to the Employee Income Tax Payable account.

Accepted Answer

The answer of The entry to record the deposit of...

Question 4

Most states require that the employer file the state return for unemployment taxes

Accepted Answer

A)  each payroll period.
B)  monthly.
C)  annually.
D)  quarterly.E) C) and D)
F) None of the above

Question 5

The payroll register of Reynolds Company showed total employee earnings of $2,320 for the week ended May 10, 2019. Compute the employer's payroll taxes for the period. The tax rates are: Social security tax, 6.2 percent;  tax, 1.45 percent; FUTA tax, 0.6 percent; SUTA tax, 2.2 percent. All earnings are taxable. Record the employer's payroll taxes for the period on page 4 of a general journal.

Accepted Answer

The answer of The payroll register of Reynolds Company showed...

Question 6

Identify the list of accounts below that would normally all have a credit balance.

Accepted Answer

A)  Social Security Tax Payable, Medicare Tax Payable, Employee Income Tax Payable.
B)  Worker's Compensation Insurance Expense, Prepaid Insurance, Medicare Tax Payable.
C)  Worker's Compensation Insurance Payable, Salaries Payable, Salaries Expense.
D)  Payroll Taxes Expense, State Unemployment Tax Payable, Wages Payable.E) None of the above
F) B) and D)

Question 7

At the end of each quarter, the individual earnings records are totaled.

Accepted Answer

A) True 
 B)False

Question 8

The frequency of deposits of federal income taxes withheld and social security and Medicare taxes is most dependent on

Accepted Answer

A)  the profit reported by the firm.
B)  the number of employees on the payroll.
C)  the number of payroll periods a firm has.
D)  the amount owed.E) All of the above
F) A) and B)

Exam 11: Payroll Taxes, Deposits, and Reports

Correct Answer
verified

The frequency of deposits of federal income taxes withheld and social security and Medicare taxes is most dependent on

Correct Answer
verified

Most states require that the employer file the state return for unemployment taxes

Correct Answer
verified

The entry to record the deposit of federal income taxes withheld includes a ________ to the Employee Income Tax Payable account.

Correct Answer
verified

Which of the following statements is not correct?

Correct Answer
verified

This preprinted government form is used to report federal unemployment taxes.

Correct Answer
verified

Identify the list of accounts below that would normally all have a credit balance.

Correct Answer
verified

At the end of each quarter, the individual earnings records are totaled.

Correct Answer
verified

Exam 11: Payroll Taxes, Deposits, and Reports

Correct AnswerverifiedShow Answer

The frequency of deposits of federal income taxes withheld and social security and Medicare taxes is most dependent on

Correct AnswerverifiedShow Answer

Most states require that the employer file the state return for unemployment taxes

Correct AnswerverifiedShow Answer

The entry to record the deposit of federal income taxes withheld includes a ________ to the Employee Income Tax Payable account.

Correct AnswerverifiedShow Answer

Which of the following statements is not correct?

Correct AnswerverifiedShow Answer

This preprinted government form is used to report federal unemployment taxes.

Correct AnswerverifiedShow Answer

Identify the list of accounts below that would normally all have a credit balance.

Correct AnswerverifiedShow Answer

At the end of each quarter, the individual earnings records are totaled.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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