Exam 8: Paying, Recording, and Reporting Payroll and Payroll Taxes: the Conclusion of the Payroll Process

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). -A deposit must be made when filing the W-3 form.

The W-3 is filed along with copies of the W-2 forms.

Mike's Door Service's payroll data for the second week of June included the following: Taxable earnings for FICA: Taxable earnings for state unemployment taxes $2,000 Assume the following tax rates: Required: Prepare the payroll tax expense entry.

Kristi's Mentoring had the following information for the pay period ending September 30: FICA-OASDI applied to the first $106,800 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. ________

Grammy's Bakery had the following information for the pay period ending June 30: FICA-OASDI applied to the first $106,800 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?

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 employer's annual Federal Unemployment Tax Return is:

Payroll information for Kinzer's Interior Decorating for the first week in October is as follows: Taxable earnings for FICA- Taxable earnings subject to Federal and State Unemployment taxes: $5,000 Assume the following tax rates: Required: Prepare the payroll tax expense entry.

Grammy's Bakery had the following information for the pay period ending June 30: FICA-OASDI applied to the first $106,800 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 Kitchen Salaries Expense?

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 payroll tax expense is recorded at the same time the payroll is recorded.

Which of the following statements is true?

The following amounts are an expense to the company except:

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

Compute the net pay. ________

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). -Form 941 is completed annually.

The correct journal entry to record the payment of FUTA is to:

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). -Which form is used to report FICA taxes for the employer and employee, and also federal income taxes for the employee?

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). -

Compute the total state income tax. ________

The W-2 is the Wage and Tax Statement.