Question 1

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 2

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.

Question 3

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.

Question 4

The W-3 is filed only for odd years.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

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

Question 8

What type of account is Payroll Tax Expense?

Accepted Answer

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

Question 9

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.

Question 10

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 11

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.

Question 12

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

Accepted Answer

The amounts are kept separatel...

Question 13

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.

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

What type of account is Payroll Tax Expense?

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

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

Correct Answer
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The W-3 is filed only for odd years.

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

Correct Answer
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Correct Answer
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The following amounts are an expense to the company:

Correct Answer
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Which of the following statements is false?

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

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

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

Correct Answer
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The amounts are kept separatel...
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The debit amount to Payroll Tax Expense represents:

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

What type of account is Payroll Tax Expense?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The W-3 is filed only for odd years.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The following amounts are an expense to the company:

Correct AnswerverifiedShow Answer

Which of the following statements is false?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedThe amounts are kept separatel...View AnswerShow Answer

The debit amount to Payroll Tax Expense represents:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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The amounts are kept separatel...
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Correct Answer
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