Question 1

Which of the following statements is false?

Accepted Answer

A)  Payroll Tax Expense is an expense account. 
B)  FICA-OASDI Payable increases on the credit side of the account. 
C)  Payroll Tax Expense increases on the debit side of the account. 
D)  FUTA Tax Payable increases on the debit side of the account. 
A)  Payroll Tax Expense is an expense account. 
B)  FICA-OASDI Payable increases on the credit side of the account. 
C)  Payroll Tax Expense increases on the debit side of the account. 
D)  FUTA Tax Payable increases on the debit side of the account.

Question 2

The information needed to make the journal entries to record the wages and salaries expense comes from:

Accepted Answer

A)  form W-2. 
B)  form W-4. 
C)  the payroll register. 
D)  form 941. 
A)  form W-2. 
B)  form W-4. 
C)  the payroll register. 
D)  form 941.

Question 3

Prepare the general journal entry to record the employer's payroll tax expense.
___________________________________________ _________ _________
___________________________________________ _________ _________
___________________________________________ _________ _________
___________________________________________ _________ _________

Accepted Answer

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

Question 4

The W-3 is filed only for odd years.

Accepted Answer

A) True 
 B)False

Question 5

The following amounts are an expense to the company:

Accepted Answer

A)  FICA-OASDI Payable. 
B)  FUTA Payable. 
C)  SUTA Payable. 
D)  All of the above are correct. 
A)  FICA-OASDI Payable. 
B)  FUTA Payable. 
C)  SUTA Payable. 
D)  All of the above are correct.

Question 6

The employer pays the same amount as the employee for Federal Unemployment taxes.

Accepted Answer

A) True 
 B)False

Question 7

Why are all of the employer payroll taxes listed in separate payable accounts?

Accepted Answer

The amounts are kept separatel

Question 8

The individual employee earnings for all employees in a company are summarized on the W-3 form.

Accepted Answer

A) True 
 B)False

Question 9

The debit amount to Payroll Tax Expense represents:

Accepted Answer

A)  the employer's portion of the payroll taxes. 
B)  the employees' portion of the payroll taxes. 
C)  the employer's and employees' portion of the payroll taxes. 
D)  None of the above is correct. 
A)  the employer's portion of the payroll taxes. 
B)  the employees' portion of the payroll taxes. 
C)  the employer's and employees' portion of the payroll taxes. 
D)  None of the above is correct.

Question 10

Grammy's Bakery had the following information for the pay period ending June 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%.
Given the above information, what would be the amount applied to FUTA Payable? (Round intermediary calculations to the nearest cent and final answers to the whole dollar.)

Accepted Answer

A)  Debit $4 
B)  Credit $4 
C)  Debit $23 
D)  Credit $23 
A)  Debit $4 
B)  Credit $4 
C)  Debit $23 
D)  Credit $23

Question 11

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 employees' FICA-OASDI.

Accepted Answer

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

Question 12

The entry to record the payment of taxes withheld from employees and FICA taxes would be to:

Accepted Answer

A)  credit Cash; debit FICA-OASDI Payable, FICA-Medicare Payable, and Federal Income Tax Payable. 
B)  debit Cash; credit FICA-OASDI Payable, FICA-Medicare Payable, and Federal Income Tax Payable. 
C)  credit Cash; credit FICA-OASDI Payable, FICA-Medicare Payable, and Federal Income Tax Payable. 
D)  None of these answers is correct. 
A)  credit Cash; debit FICA-OASDI Payable, FICA-Medicare Payable, and Federal Income Tax Payable. 
B)  debit Cash; credit FICA-OASDI Payable, FICA-Medicare Payable, and Federal Income Tax Payable. 
C)  credit Cash; credit FICA-OASDI Payable, FICA-Medicare Payable, and Federal Income Tax Payable. 
D)  None of these answers is correct.

Question 13

What type of account is Payroll Tax Expense?

Accepted Answer

A)  Asset 
B)  Pre-paid liability 
C)  Contra-revenue 
D)  Expense 
A)  Asset 
B)  Pre-paid liability 
C)  Contra-revenue 
D)  Expense

Which of the following statements is false?

The information needed to make the journal entries to record the wages and salaries expense comes from:

Prepare the general journal entry to record the employer's payroll tax expense. _______________________________________ _ _ ___________________________________ _ _ ___________________________________ _ _ ___________________________________ _ _____

The W-3 is filed only for odd years.

The following amounts are an expense to the company:

The employer pays the same amount as the employee for Federal Unemployment taxes.

Why are all of the employer payroll taxes listed in separate payable accounts?

The individual employee earnings for all employees in a company are summarized on the W-3 form.

The debit amount to Payroll Tax Expense represents:

The entry to record the payment of taxes withheld from employees and FICA taxes would be to:

What type of account is Payroll Tax Expense?

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:

Which of the following statements is false?

The information needed to make the journal entries to record the wages and salaries expense comes from:

The W-3 is filed only for odd years.

The following amounts are an expense to the company:

The employer pays the same amount as the employee for Federal Unemployment taxes.

Why are all of the employer payroll taxes listed in separate payable accounts?

The individual employee earnings for all employees in a company are summarized on the W-3 form.

The debit amount to Payroll Tax Expense represents:

The entry to record the payment of taxes withheld from employees and FICA taxes would be to:

What type of account is Payroll Tax Expense?

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