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Exam 11: Payroll Taxes, Deposits, and Reports

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Question 41

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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 W-4
C) Form 940
D) Form 941

E) A) and C)
F) None of the above

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Question 42

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ABC Consulting had two employees with the following earnings information: Use the table above and 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 $113,700 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 .6% are both levied on only the first $7,000 of each employee's annual earnings.

A) $194.40
B) $306.00
C) $546.00
D) $842.00

E) C) and D)
F) B) and D)

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Question 43

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The entry to record a payroll tax on the employer would include a debit to a(n)____________________ account.

To record a deposit of federal income taxes withheld and social security and Medicare taxes,the accountant would

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

Compute and record workers' compensation insurance premiums for Beverly Manufacturing as follows: 1.The firm estimates that its office employees will earn $40,000 next year and its factory employees will earn $172,000.The firm pays the following rates for workers' compensation insurance: $0.40 per $100 of wages for the office employees and $3.50 per $100 of wages for the factory employees.Compute the estimated premiums for 2016.On page 9 of a general journal,record the payment of the estimated premium.Date the entry January 12,2016. 2.On January 3,2017,an audit of the firm's payroll records for 2016 showed that the firm had actually paid wages of $48,000 to its office employees and $165,000 to its factory employees.Compute the actual premium for the year and the balance due the insurance company or the credit due the firm.In the general journal,record the entry to adjust the Workers' Compensation Insurance Expense as of the end of 2016.Date the entry December 31,2016.

Generally,the base earnings subject to state unemployment taxes is

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 8,2016,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%,Medicare Tax is 1.45%,federal unemployment tax is .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 8,2016?

Tax returns for the federal unemployment tax are due

Which of the following statements is NOT correct?

The information for preparing Form W-2 is obtained from the employees' individual earnings records.

The unemployment compensation tax program is often called the unemployment insurance program.

Mr.Zee worked 48 hours during the week ended January 18,2016.He is paid $10 per hour,and is paid time and a half for all hours over 40 in a week.He had $100 withheld from his pay for federal income taxes,and $20 withheld for health insurance.The combined social security and Medicare tax rate is 7.65%,and the federal and state unemployment tax rates are .6% and 3.8%,respectively.All earnings are taxable.What is the total employer payroll tax expense for Mr.Zee's current paycheck.

The frequency of deposits of federal income taxes withheld and social security and Medicare taxes is determined by the amount owed.

For the purpose of internal control,only the person who prepares payroll checks should distribute them.

If at the end of the year the firm owes a balance for workers' compensation insurance,the adjusting entry includes a

Compute and record workers' compensation insurance premiums for Fairlawn Manufacturing as follows: 1.The firm estimates that its office employees will earn $46,000 next year and its factory employees will earn $162,000.The firm pays the following rates for workers' compensation insurance: $0.40 per $100 of wages for the office employees and $3.50 per $100 of wages for the factory employees.Compute the estimated premiums for 2016.On page 9 of a general journal,record the payment of the estimated premium.Date the entry January 12,2016. 2.On January 3,2017,an audit of the firm's payroll records for 2016 showed that the firm had actually paid wages of $48,000 to its office employees and $165,000 to its factory employees.Compute the actual premium for the year and the balance due the insurance company or the credit due the firm.In the general journal,record the entry to adjust the Workers' Compensation Insurance Expense as of the end of 2016.Date the entry December 31,2016.

To record the payment of SUTA tax,the accountant would

Jackson Autos has one employee.As of March 30,their employee had already earned $6,300.For the pay period ending April 15,their employee earned an additional $4,000 of gross wages.Only the first $7,000 of annual earnings are subject to FUTA of .6% and SUTA of 5.4%.The journal entry to record the employer's unemployment payroll taxes for the period ending April 15,would be: