1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. Asset B. Liability C. Revenue D. Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act 2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer: A. flexible spending account B. Payroll Deduction IRA C. SIMPLE IRA plan D. 403(b) plan
1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer: A. Asset B. Liability C. Revenue D. Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act 2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer: A. flexible spending account B. Payroll Deduction IRA C. SIMPLE IRA plan D. 403(b) plan
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 5SEB: JOURNAL ENTRIES FOR PAYMENT OF EMPLOYER PAYROLL TAXES Francis Baker owns a business called Baker...
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