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Exam 11: Payroll Taxes, Deposits, and Reports

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Question 21

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Only the employer is responsible for paying

A) social security and Medicare taxes.
B) FUTA taxes.
C) social security, Medicare, and FUTA taxes.
D) federal income taxes.

E) None of the above
F) All of the above

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Question 22

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Form 940 must be filed ____________________ time(s) a year.

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Question 23

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Which of the following forms is submitted with a copy of the Form W-2 for each employee to the Social Security Administration?

If an employee leaves the firm before the end of the year, the employee may ask for and receive Form W-2 within 30 days after the request or after the final wage payment.

Compute and record workers' compensation insurance premiums for Beverly Manufacturing as follows: 1. The firm estimates that its office employees will earn $40,000 next year and its factory employees will earn $172,000. The firm pays the following rates for workers' compensation insurance: $0.40 per $100 of wages for the office employees and $3.50 per $100 of wages for the factory employees. Compute the estimated premiums for 2013. On page 9 of a general journal, record the payment of the estimated premium. Date the entry January 12, 2013. 2. On January 3, 2014, an audit of the firm's payroll records for 2013 showed that the firm had actually paid wages of $48,000 to its office employees and $165,000 to its factory employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. In the general journal, record the entry to adjust the Workers' Compensation Insurance Expense as of the end of 2013. Date the entry December 31, 2013.

The payroll register of Burdick Travel Agency showed total employee earnings of $1,450 for the week ended June 7, 2013. Compute the employer's payroll taxes for the period. The tax rates are: Social security tax, 6.2 percent; Medicare tax, 1.45 percent; FUTA tax, 0.8 percent; SUTA tax, 2.2 percent. All earnings are taxable. Record the employer's payroll taxes for the period on page 4 of a general journal.

At the end of each quarter, the individual earnings records are totaled.

Federal unemployment tax deposits are made on a ____________________ basis.

All of the following taxes are withheld from an employee's pay except

Firms that provide steady employment may be granted a lower state unemployment tax rate under a(n) ____________________, or merit-rating, system.

Compute and record workers' compensation insurance premiums for Fairlawn Manufacturing as follows: 1. The firm estimates that its office employees will earn $46,000 next year and its factory employees will earn $162,000. The firm pays the following rates for workers' compensation insurance: $0.40 per $100 of wages for the office employees and $3.50 per $100 of wages for the factory employees. Compute the estimated premiums for 2013. On page 9 of a general journal, record the payment of the estimated premium. Date the entry January 12, 2013. 2. On January 3, 2014, an audit of the firm's payroll records for 2013 showed that the firm had actually paid wages of $48,000 to its office employees and $165,000 to its factory employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. In the general journal, record the entry to adjust the Workers' Compensation Insurance Expense as of the end of 2013. Date the entry December 31, 2013.

The entry to record a payroll tax on the employer would include a debit to a(n) ____________________ account.

A business pays the social security tax at the same rate and on the same taxable wages as its employees.

To achieve internal control over payroll operations, no changes in employee pay rates should be made without written authorization from management.

Alfred Spindle earned gross wages of $1,620 for the week ended June 21, 2013. His gross wages year to date, prior to his June 21 paycheck, are $38,556. He had $88 withheld from his pay for federal income taxes, and $16 for health insurance. Social Security and is 6.2% and Medicare tax is 1.45%; the federal unemployment tax rate is .8% and the state unemployment tax rate is 4.2%, both on a maximum of $7,000 per each employee's annual earnings. What is the total employer payroll tax expense from Alfred's June 21, 2013, paycheck?

Samantha Rodriguez had gross earnings for the pay period ending 10/15/13 of $4,785. Her total gross earnings as of 9/30/13 were $104,500. Social Security taxes are 6.2% on a maximum earnings of $106,800 per year. The Social Security tax due by her employer from her 10/15/13 paychecks is:

For the purpose of internal control, only the person who prepares payroll checks should distribute them.

Wharfside Manufacturing estimates that its office employees will earn $50,000 next year and its factory employees will earn $260,000. The firm pays the following rates for workers' compensation insurance: $0.37 per $100 of wages for the office employees and $4.00 per $100 of wages for the factory employees. Compute the estimated premiums for the office and factory employees.

All of the following are internal control procedures that are recommended to protect payroll operations except

Form 941 must be filed ____________________ time(s) a year.