1- Payroll tax liability payments . А. Should be entered through pay bills. В. Can be entered through pay employees C. Can be entered through pay liabilities on the Home page. D. None of these answers is correct. 2- The amount of an employee's paycheck after deductions are taken out is called А. Gross pay В. Net pay C. Billable pay D. Gross compensation 3- Wages and salaries expense for the year А. Will be equal to the sum of all paychecks issued during the year. В. Will be equal to the sum of all compensation paid to employees during the year. C. Will be equal to the sum of all compensation earned by employees during the year. D. Will be equal to the sum of all compensation and employer taxes paid during the year. - New employees must complete Form W-2 and give it to their employer. A. True B. False 5- A new hourly rate would be set up in A. New Employee Setup B. Add Payroll Item C. Add Payroll Wage D. New Employee Wage Setup

1- Payroll tax liability payments . А. Should be entered through pay bills. В. Can be entered through pay employees C. Can be entered through pay liabilities on the Home page. D. None of these answers is correct. 2- The amount of an employee's paycheck after deductions are taken out is called А. Gross pay В. Net pay C. Billable pay D. Gross compensation 3- Wages and salaries expense for the year А. Will be equal to the sum of all paychecks issued during the year. В. Will be equal to the sum of all compensation paid to employees during the year. C. Will be equal to the sum of all compensation earned by employees during the year. D. Will be equal to the sum of all compensation and employer taxes paid during the year. - New employees must complete Form W-2 and give it to their employer. A. True B. False 5- A new hourly rate would be set up in A. New Employee Setup B. Add Payroll Item C. Add Payroll Wage D. New Employee Wage Setup

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 3SEA: CALCULATION OF TAXABLE EARNINGS AND EMPLOYER PAYROLL TAXES AND PREPARATION OF JOURNAL ENTRY Selected...

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_____ 1. 1. Employees earnings record A. Expense account for FICA, FUTA, and SUTA taxes on the employer _____ 2. 2. Pay cards B. Legal procedure by which a portion of the wages of any person is withheld for payment of a debt _____ 3. 3. Disposable earnings C. Debit card-based accounts _____ 4. 4. Regular earnings plus overtime earnings D. Notifies employer of a tax levy _____ 5. 5. Payroll Taxes E. Used to complete Form W-2 _____ 6. 6. Overtime premium earnings F. Provides information needed in preparing the journal entries for payroll _____ 7. 7. Wages Payable G. Debit portion of payroll entry _____ 8. 8. Payroll register H. Earnings remaining after withholding for income taxes and for other amounts required by law _____ 9. 9. Form 668-W I. One-half regular pay rate multiplied by overtime hours _____ 10. 10. Garnishment J. Liability account for wages that have been earned by employees but not yet paid
Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither. A. recorded employee salaries earned, to be paid in future month B. paid employees for current month salaries C. paid employee salaries for work performed in a prior month D. gave an employee an advance on future wages
Following are payroll deductions for Mars Co. Classify each payroll deduction as either a voluntary or involuntary deduction. Record a (V) for voluntary and an (I) for involuntary. Table 12.3
Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. cash B. federal income tax payable this year C. long-term note payable D. current portion of a long-term note payable E. note payable due in four years F. interest expense G. state income tax
CALCULATION OF TAXABLE EARNINGS AND EMPLOYER PAYROLL TAXES AND PREPARATION OF JOURNAL ENTRY Selected information from the payroll register of Joanies Boutique for the week ended September 14, 20--, is as follows. Social Security tax is 6.2% on the first 118,500 of earnings for each employee. Medicare tax is 1.45% of gross earnings. FUTA tax is 0.6% and SUTA tax is 5.4% on the first 7,000 of earnings. Calculate the amount of taxable earnings for unemployment. Social Security, and Medicare taxes, and prepare the journal entry to record the employers payroll taxes as of September 14, 20--.
How would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Deposit received from customer to guarantee performance of a contract. h. Sales taxes payable. i. Gift certificates sold to customers but not yet redeemed. j. Premium offers outstanding. k. Discount on notes payable. l. Personal injury claim pending. m. Current maturities of long-term debts to be paid from current assets. n. Cash dividends declared but unpaid. o. Dividends in arrears on preferred stock. p. Loans from officers.
Skip to question [The following information applies to the questions displayed below.]At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $6,370 that were applicable to payrolls for the year then ended. Exercise 7-7 (Algo) Part a - Horizontal Model Required:a-1. Use the horizontal model to show the effect of the accrual that should have been made as of March 31, 2019. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.)
True or False 4. The entry to record the employer's payroll taxes would include a debit to an expense account and a credit to one or more liability accounts.
1. Journalize the entry to record the payroll.2. Journalize the entry to record the employer's payroll taxes.3. Journalize the entry to deposit the FICA and FIT taxes
Question text The totals from the first payroll of the year are shown below. Total Earnings FICA OASDI FICA HI FIT W/H State Tax Union Dues Net Pay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the entry to record the employer's payroll taxes (assume a SUTA rate of 3.7%).
2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--.
In the following summary of data for a payroll period, some amounts have been intentionally omitted. Calculate the amounts omitted below. Enter all your answers as positive amounts. Earnings: 1. At regular rate $fill in the blank 1 2. At overtime rate 81,600 3. Total earnings $fill in the blank 2 Deductions: 4. FICA tax $32,700 5. Income tax withheld 138,700 6. Medical insurance 18,800 7. Union dues fill in the blank 3 8. Total deductions $202,000 9. Net amount paid $343,000 Accounts debited: 10. Wages $288,900 11. Sales Salaries $fill in the blank 4 12. Office Salaries $109,000