Question 1

How often is a Form 940 filed?

Accepted Answer

A)  Monthly 
B)  Annually 
C)  Weekly 
D)  Quarterly 
A)  Monthly 
B)  Annually 
C)  Weekly 
D)  Quarterly

Question 2

Ben's Mentoring had the following information for the pay period ending September 30:   Assume:
FICA-OASDI applied to the first $128,400 at a rate of 6.2%.
FICA-Medicare applied at a rate of 1.45%.
FUTA applied to the first $7,000 at a rate of 0.8%.
SUTA applied to the first $7,000 at a rate of 5.6%.
State income tax is 3.8%.
Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings.
-Compute the total gross earnings for the tutors.

Accepted Answer

The answer of Ben's Mentoring had the following information for...

Question 3

Ben's Mentoring had the following information for the pay period ending September 30:   Assume:
FICA-OASDI applied to the first $128,400 at a rate of 6.2%.
FICA-Medicare applied at a rate of 1.45%.
FUTA applied to the first $7,000 at a rate of 0.8%.
SUTA applied to the first $7,000 at a rate of 5.6%.
State income tax is 3.8%.
Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings.
-Compute the total federal income tax.

Accepted Answer

The answer of Ben's Mentoring had the following information for...

Question 4

The look-back period is used to determine whether:

Accepted Answer

A)  a business should make its Form 941 tax deposits on a monthly or semiweekly basis. 
B)  an employer will use Form 940. 
C)  an employer has sent the W-2s to their employees on timely basis. 
D)  an employer must pay back taxes. 
A)  a business should make its Form 941 tax deposits on a monthly or semiweekly basis. 
B)  an employer will use Form 940. 
C)  an employer has sent the W-2s to their employees on timely basis. 
D)  an employer must pay back taxes.

Question 5

Form 941 taxes include OASDI, Medicare, and federal unemployment tax.

Accepted Answer

A) True 
 B)False

Question 6

The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2)   Assume:
FICA-OASDI is 6.2% based on a limit of $128,400.
FICA-Medicare is 1.45%.
FUTA is .8% based on a limit of $7,000.
SUTA is 5.6% based on a limit of $7,000.
State income tax is 2.8%.
-Compute the net pay for the employees' paychecks.

Accepted Answer

The answer of The following data applies to the July...

Question 7

Ben's Mentoring had the following information for the pay period ending September 30:   Assume:
FICA-OASDI applied to the first $128,400 at a rate of 6.2%.
FICA-Medicare applied at a rate of 1.45%.
FUTA applied to the first $7,000 at a rate of 0.8%.
SUTA applied to the first $7,000 at a rate of 5.6%.
State income tax is 3.8%.
Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings.
-Compute the total deductions.

Accepted Answer

The answer of Ben's Mentoring had the following information for...

Question 8

Ben's Mentoring had the following information for the pay period ending September 30:   Assume:
FICA-OASDI applied to the first $128,400 at a rate of 6.2%.
FICA-Medicare applied at a rate of 1.45%.
FUTA applied to the first $7,000 at a rate of 0.8%.
SUTA applied to the first $7,000 at a rate of 5.6%.
State income tax is 3.8%.
Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings.
-Compute the total gross earnings for the office.

Accepted Answer

The answer of Ben's Mentoring had the following information for...

Question 9

When a business starts, what must it obtain that identifies itself to the government?

Accepted Answer

A)  State Employment Number 
B)  Federal Unemployment Number 
C)  Employer Identification Number 
D)  A look-back period 
A)  State Employment Number 
B)  Federal Unemployment Number 
C)  Employer Identification Number 
D)  A look-back period

Question 10

The entry to record employer's total FICA, SUTA, and FUTA tax would include:

Accepted Answer

A)  a debit to Payroll Tax Expense. 
B)  a credit to Payroll Tax Expense. 
C)  a credit to Accounts Payable. 
D)  a debit to Payroll Tax Payable. 
A)  a debit to Payroll Tax Expense. 
B)  a credit to Payroll Tax Expense. 
C)  a credit to Accounts Payable. 
D)  a debit to Payroll Tax Payable.

Question 11

The payment of FUTA would include:

Accepted Answer

A)  a debit to FUTA Payable. 
B)  a credit to FUTA Payable. 
C)  a debit to cash. 
D)  a credit to FUTA Expense. 
A)  a debit to FUTA Payable. 
B)  a credit to FUTA Payable. 
C)  a debit to cash. 
D)  a credit to FUTA Expense.

Question 12

FIT Payable has a credit normal balance.

Accepted Answer

A) True 
 B)False

Question 13

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary).
-

Accepted Answer

The answer of For each of the following, identify in...

Question 14

Ben's Mentoring had the following information for the pay period ending September 30:   Assume:
FICA-OASDI applied to the first $128,400 at a rate of 6.2%.
FICA-Medicare applied at a rate of 1.45%.
FUTA applied to the first $7,000 at a rate of 0.8%.
SUTA applied to the first $7,000 at a rate of 5.6%.
State income tax is 3.8%.
Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings.
-Compute the employees' FICA-Medicare.

Accepted Answer

The answer of Ben's Mentoring had the following information for...

Question 15

The account for Payroll Tax Expense includes all of the following except:

Accepted Answer

A)  federal unemployment taxes. 
B)  FICA taxes (OASDI and Medicare) paid by the employer for the latest payroll period. 
C)  state unemployment taxes. 
D)  federal income tax. 
A)  federal unemployment taxes. 
B)  FICA taxes (OASDI and Medicare) paid by the employer for the latest payroll period. 
C)  state unemployment taxes. 
D)  federal income tax.

Question 16

Prepare the general journal entry to record the payment to the Federal Treasury.
___________________________________________ _________ _________
___________________________________________ _________ _________
___________________________________________ _________ _________
___________________________________________ _________ _________

Accepted Answer

The answer of Prepare the general journal entry to record...

Question 17

Mid-West Tutoring had the following payroll information on January 31:   Assume: FICA tax rates are: OASDI 6.2% on a limit of $128,400 and Medicare 1.45%.
State Unemployment tax rate is 2% on the first $7,000.
Federal Unemployment tax rate is 0.8% on the first $7,000.
Federal Income Tax Withheld $900; State Income Tax Withheld $300.
Using the information above, the journal entry to record the employee's payroll expense would include:

Accepted Answer

A)  a debit to Payroll Tax Expense in the amount of $4,300. 
B)  a debit to Wages and Salaries Expense in the amount of $4,300. 
C)  a credit to Cash in the amount of $4,300. 
D)  a credit to FUTA Payable for $120. 
A)  a debit to Payroll Tax Expense in the amount of $4,300. 
B)  a debit to Wages and Salaries Expense in the amount of $4,300. 
C)  a credit to Cash in the amount of $4,300. 
D)  a credit to FUTA Payable for $120.

Question 18

Ben's Mentoring had the following information for the pay period ending September 30:   Assume:
FICA-OASDI applied to the first $128,400 at a rate of 6.2%.
FICA-Medicare applied at a rate of 1.45%.
FUTA applied to the first $7,000 at a rate of 0.8%.
SUTA applied to the first $7,000 at a rate of 5.6%.
State income tax is 3.8%.
Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings.
-Compute the total employer's payroll tax.

Accepted Answer

The answer of Ben's Mentoring had the following information for...

Question 19

Cash - Payroll Checking is a(n):

Accepted Answer

A)  contra-asset. 
B)  liability. 
C)  asset. 
D)  expense. 
A)  contra-asset. 
B)  liability. 
C)  asset. 
D)  expense.

Question 20

The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2)   Assume:
FICA-OASDI is 6.2% based on a limit of $128,400.
FICA-Medicare is 1.45%.
FUTA is .8% based on a limit of $7,000.
SUTA is 5.6% based on a limit of $7,000.
State income tax is 2.8%.
-Compute the employer's payroll taxes.

Accepted Answer

The answer of The following data applies to the July...

How often is a Form 940 filed?

The look-back period is used to determine whether:

Form 941 taxes include OASDI, Medicare, and federal unemployment tax.

When a business starts, what must it obtain that identifies itself to the government?

The entry to record employer's total FICA, SUTA, and FUTA tax would include:

The payment of FUTA would include:

FIT Payable has a credit normal balance.

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary). -

The account for Payroll Tax Expense includes all of the following except:

Prepare the general journal entry to record the payment to the Federal Treasury. _______________________________________ _ _ ___________________________________ _ _ ___________________________________ _ _ ___________________________________ _ _____

Cash - Payroll Checking is a(n):

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 8: Paying, Recording, and Reporting Payroll and Payroll Taxes:

How often is a Form 940 filed?

The look-back period is used to determine whether:

Form 941 taxes include OASDI, Medicare, and federal unemployment tax.

When a business starts, what must it obtain that identifies itself to the government?

The entry to record employer's total FICA, SUTA, and FUTA tax would include:

The payment of FUTA would include:

FIT Payable has a credit normal balance.

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement on which the account balance is reported, and in Column 4 the nature of the account (permanent/temporary). -

The account for Payroll Tax Expense includes all of the following except:

Cash - Payroll Checking is a(n):

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property, Plant, Equipment, and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values, Dividends, Treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters