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

Prepare the general journal entry to record the payroll. ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________

The Wages and Salaries Expense account would be used to record:

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). -Employees must receive W-3s by January 31 of the following year.

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). -What is the purpose of Form 8109?

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). -

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 sent to the Social Security Administration along with the W-2s? It reports total wages, FICA tax withheld, etc., for the previous year?

The tax paid by the employer for both the employee and employer:

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). -

Both employer and employee contribute to FICA-OASDI and SUTA tax.

Premiums for worker's compensation insurance may be adjusted based on actual payroll amounts at the end of the year.

What liability account is reduced when the employees are paid?

A banking day is any day that the bank is open to the public for business.

The debit amount to Payroll Tax Expense represents:

What type of account is Payroll Tax Expense?

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

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

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 total gross earnings for the office. _________

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 total employers payroll tax. ________

Wages and Salaries Expense is:

From the following data, calculate the estimate annual advance premium for workers' compensation insurance and record it in general journal form.