Question 1

Mary Jane's cumulative year-to-date earnings are $7,200. On June 30th, Mary Jane earned $600. What is the FUTA tax amount that Mary Jane's employer must record and pay on her most recent earnings?

Accepted Answer

A)   $0
B)   $4.80
C)   $52.80
D)   $56.00E) None of the above
F) All of the above

Question 2

The employer becomes liable for payroll tax expense when the employees are actually paid.

Accepted Answer

A) True 
 B)False

Question 3

Most employers are required to withhold federal unemployment taxes from employees' earnings.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following payroll taxes do employers pay on employees?

Accepted Answer

A)   SUTA
B)   FUTA
C)   FICA
D)   All of these
E)   None of theseF) None of the above
G) All of the above

Question 5

Which of the following insurance coverages is provided by the employers for employees killed or injured on the job?

Accepted Answer

A)   Estate Compensation insurance
B)   Disability Endurance insurance
C)   Workers' Compensation Insurance
D)   Property Assurance InsuranceE) A) and C)
F) C) and D)

Question 6

Required employee payroll deductions include income taxes, FICA taxes, union dues, and charitable contributions.

Accepted Answer

A) True 
 B)False

Question 7

Each employer subject to the federal unemployment tax must file an annual return and pay the unpaid portion of the tax by January 31 of the following year.

Accepted Answer

A) True 
 B)False

Question 8

FUTA tax liability is generally deposited _________ and reported ___________.

Accepted Answer

A)   Weekly, Monthly
B)   Monthly, Quarterly
C)   Quarterly, Annually
D)   Deposits and Report Dates VaryE) A) and C)
F) B) and D)

Question 9

Match the terms that follow with the correct definitions.
-Tax form that represents the employer's annual unemployment tax return

Accepted Answer

A)  Form W-4
B)  SUTA tax
C)  Employee's individual earnings record
D)  Worker's compensation insurance
E)  Form 940F) FICA MedicareG) Form 941H) FUTA taxI) Form W-3J) Form W-2K) A) and H)
L) A) and G)

Question 10

The entry to record the payroll tax expense includes all of the following except

Accepted Answer

A)   Federal Unemployment Tax Payable.
B)   FICA Tax Payable.
C)   Employees' Federal Income Tax Payable.
D)   State Unemployment Tax Payable.
E)   None of these are correct.F) A) and B)
G) A) and C)

Question 11

Payroll tax expense represents the amount of taxes contributed by the

Accepted Answer

A)   employee.
B)   employer.
C)   employee and employer combined.
D)   employer plus gross pay.
E)   employer plus the employee's net pay.F) All of the above
G) A) and B)

Question 12

Colin Street Body Shop has the following information for the pay period ending March 31st: Assume the Following:

FICA-SS Tax Rate is 6.2%
FICA-Medicare Tax Rate is 1.45%
FUTA Tax Rate is 0.6% on the first $7,000 of wages paid
SUTA Tax Rate is 5% on the first $9,000 of wages paid
From the information provided above, what would be the amount of Wage Expense recorded?

Accepted Answer

A)   $712.50
B)   $2,500.00
C)   $3,175.00
D)   $3,212.50E) A) and B)
F) B) and C)

Question 13

The source of the amounts used to complete the W-2 forms is the payroll register.

Accepted Answer

A) True 
 B)False

Question 14

The 941 tax return form is reported ___________.

Accepted Answer

A)   Semi-Weekly
B)   Monthly
C)   Quarterly
D)   AnnuallyE) A) and C)
F) A) and B)

Question 15

The journal entry required to record the employer paying the 941 payroll tax liability is:

Accepted Answer

A)  Employees' Federal Income Tax Payable DR FICA Taxes Payable DR Cash  \quad\quad CR
B)     FUTA Payable  DR  Cash  CR \begin{array} { l r } 	ext { FUTA Payable } & 	ext { DR } \	ext { Cash } & 	ext { CR }\end{array} FUTA Payable  Cash ​ DR  CR ​ 
C)   SUTA Payable  \quad\quad DRCash \quad\quad CR
D)     FUTA Payable  DR  FICA Payable  DR  Cash  CR \begin{array} { l l } 	ext { FUTA Payable } & 	ext { DR } \	ext { FICA Payable } & 	ext { DR } \	ext { Cash } & 	ext { CR }\end{array} FUTA Payable  FICA Payable  Cash ​ DR  DR  CR ​E) C) and D)
F) B) and C)

Question 16

Which of the following frauds refers to improper claims made for the reimbursement of business expenses?

Accepted Answer

A)   False expense reimbursement fraud
B)   Misleading expense reimbursement fraud
C)   Fictitious expenses claim fraud
D)   False claims fraudE) B) and D)
F) All of the above

Question 17

SUTA taxes are normally paid:

Accepted Answer

A)   Annually
B)   Quarterly
C)   Monthly
D)   WeeklyE) A) and B)
F) None of the above

Question 18

The details of the current week's earnings for each employee are reported on each employee's W-4 form.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following statement is true?

Accepted Answer

A)   Payroll Tax Expense increases on the credit side of the account.
B)   FICA Medicare Payable increases with a credit.
C)   Federal Income Tax Withholding Payable decreases with a credit.
D)   Employee Payroll Taxes withheld are recorded in Payroll Tax Expense.E) A) and B)
F) C) and D)

Question 20

Match the terms that follow with the correct definitions.
-An annual report filed by the employer and sent to the Social Security Administration showing wages, tips, and tax withholdings of the firm's employees

Accepted Answer

A)  Form W-4
B)  SUTA tax
C)  Employee's individual earnings record
D)  Worker's compensation insurance
E)  Form 940F) FICA MedicareG) Form 941H) FUTA taxI) Form W-3J) Form W-2K) E) and J)
L) B) and H)

Exam 8: Employer Taxes, Payments, and Reports

The source of the amounts used to complete the W-2 forms is the payroll register.

Correct Answer
verified

Which of the following frauds refers to improper claims made for the reimbursement of business expenses?

Correct Answer
verified

Which of the following payroll taxes do employers pay on employees?

Correct Answer
verified

Match the terms that follow with the correct definitions. -An annual report filed by the employer and sent to the Social Security Administration showing wages, tips, and tax withholdings of the firm's employees

Correct Answer
verified

The employer becomes liable for payroll tax expense when the employees are actually paid.

Correct Answer
verified

SUTA taxes are normally paid:

Correct Answer
verified

Required employee payroll deductions include income taxes, FICA taxes, union dues, and charitable contributions.

Correct Answer
verified

The entry to record the payroll tax expense includes all of the following except

Correct Answer
verified

The 941 tax return form is reported ___________.

Correct Answer
verified

Correct Answer
verified

Match the terms that follow with the correct definitions. -Tax form that represents the employer's annual unemployment tax return

Correct Answer
verified

Each employer subject to the federal unemployment tax must file an annual return and pay the unpaid portion of the tax by January 31 of the following year.

Correct Answer
verified

Most employers are required to withhold federal unemployment taxes from employees' earnings.

Correct Answer
verified

Which of the following insurance coverages is provided by the employers for employees killed or injured on the job?

Correct Answer
verified

FUTA tax liability is generally deposited _ and reported ___.

Correct Answer
verified

Payroll tax expense represents the amount of taxes contributed by the

Correct Answer
verified

Mary Jane's cumulative year-to-date earnings are $7,200. On June 30th, Mary Jane earned $600. What is the FUTA tax amount that Mary Jane's employer must record and pay on her most recent earnings?

Correct Answer
verified

The journal entry required to record the employer paying the 941 payroll tax liability is:

Correct Answer
verified

The details of the current week's earnings for each employee are reported on each employee's W-4 form.

Correct Answer
verified

Which of the following statement is true?

Correct Answer
verified

Exam 8: Employer Taxes, Payments, and Reports

The source of the amounts used to complete the W-2 forms is the payroll register.

Correct AnswerverifiedShow Answer

Which of the following frauds refers to improper claims made for the reimbursement of business expenses?

Correct AnswerverifiedShow Answer

Which of the following payroll taxes do employers pay on employees?

Correct AnswerverifiedShow Answer

Match the terms that follow with the correct definitions. -An annual report filed by the employer and sent to the Social Security Administration showing wages, tips, and tax withholdings of the firm's employees

Correct AnswerverifiedShow Answer

The employer becomes liable for payroll tax expense when the employees are actually paid.

Correct AnswerverifiedShow Answer

SUTA taxes are normally paid:

Correct AnswerverifiedShow Answer

Required employee payroll deductions include income taxes, FICA taxes, union dues, and charitable contributions.

Correct AnswerverifiedShow Answer

The entry to record the payroll tax expense includes all of the following except

Correct AnswerverifiedShow Answer

The 941 tax return form is reported ___________.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Match the terms that follow with the correct definitions. -Tax form that represents the employer's annual unemployment tax return

Correct AnswerverifiedShow Answer

Each employer subject to the federal unemployment tax must file an annual return and pay the unpaid portion of the tax by January 31 of the following year.

Correct AnswerverifiedShow Answer

Most employers are required to withhold federal unemployment taxes from employees' earnings.

Correct AnswerverifiedShow Answer

Which of the following insurance coverages is provided by the employers for employees killed or injured on the job?

Correct AnswerverifiedShow Answer

FUTA tax liability is generally deposited _________ and reported ___________.

Correct AnswerverifiedShow Answer

Payroll tax expense represents the amount of taxes contributed by the

Correct AnswerverifiedShow Answer

Mary Jane's cumulative year-to-date earnings are $7,200. On June 30th, Mary Jane earned $600. What is the FUTA tax amount that Mary Jane's employer must record and pay on her most recent earnings?

Correct AnswerverifiedShow Answer

The journal entry required to record the employer paying the 941 payroll tax liability is:

Correct AnswerverifiedShow Answer

The details of the current week's earnings for each employee are reported on each employee's W-4 form.

Correct AnswerverifiedShow Answer

Which of the following statement is true?

Correct AnswerverifiedShow Answer

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FUTA tax liability is generally deposited _ and reported ___.

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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