2023 Chapter 4 Outline

Question 5: Which of the following employee taxes is matched by the employer? Answer: А. State unemployment tax Federal income tax C. Medicare tax D. Federal unemployment tax B.

Question 1 Under which circumnstances should a company disclose contingent liabilites in the footnotes of the financial statements? I. When it is probable the company will suffer a loss and the liability can be measured II. When it is probable the company will suffer a loss but the liability cannot be measured III. When is it only reasonably possible that the company will suffer a loss Il and II O l only I and II O , I, II

Which of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding taxes c.FUTA d.FICA   3

Question 6: Which of the following is not a voluntary deduction from gross earnings? Answer: A. O Union dues B. O State disability insurance C. O Payroll deduction IRA D. Cafeteria plan

Payroll Accounting under FUTA, what conditions must be met for a person or business to be considered an employer? Rules for calculating taxes if an employee has more than one employer? Types of payments that are taxable for FUTA? Types of payments that are not taxable for FUTA?

In determining an employee's net pay, which of the following taxes would not be deducted? a.SUTA taxes b.FICA taxes c.Medicare taxes d.Federal income taxes       9

salaria Capum 2. Which payroll tax is levied on both employers and employees?

3. Are the federal and state income taxes withheld from employee paychecks a payroll tax expense for the em- ployer? Explain your answer.

8. (a) Identify the three types of employer payroll taxes. (b) How are tax liability accounts and Payroll Tax Expense classified in the financial statements? |

When recording payroll tax expense, employers will generally include which of the following liabilities in that journal entry? I. Medicare tax II. Social security tax II. Federal unemployment tax IV. State Unemployment tax V. Health Insurance O I and II O , I, II, IV, V O , I, I, IV O , I, II, V

Question 13: Which of the following is a true statement regarding the W-2 Form? Answer: А. Employers must submit the W-2 Form regardless of the amount of compensation paid to employees. Sending a copy of the W-2 Form to the employee is optional. C. The control number on the W-2 Form must be completed by the employer. D. The W-2 Form includes both federal and state tax information. B.

Question 6: FUTA tax is paid solely by the employer. Answer: A. True В. False

1. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer:   A.    SUTA Advances     B.    FUTA Advances     C.    Title XII Advances     D.    Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer:   A.    credit reduction     B.    FUTA tax rate     C.    experience rating     D.    Medicare tax rate  3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A.   Displays earnings for one individual    Form 1099-NEC        Form 1096        Both     B.   Displays earnings for multiple individuals    Form 1099-NEC        Form 1096        Both     C.   Requires a signature    Form 1099-NEC        Form 1096…

Which payroll tax is levied on both employers and employees? Both employees and employers are required to pay    a.FICA taxes  b.SUTA texes  c.FUTA texes

2. Record employer payroll taxes.

It is mandatory for both the employer and employee to pay​ ________.   A. employee income tax   B. FICA   C. SUTA   D. federal unemployment tax

Question 11: Where are the withholding tables used for the wage-bracket method of determining federal income withholding found? Answer: A. Form l-9 В. Payroll register С. Form W-4 Publication 15-T B. D.

Some payroll taxes are paid by both employees and employers. Others are paid only by employers. Which of the following is one of those taxes paid only by the employer. It’s: a. Federal Income Tax b. FICA c. SUTA d. State Income Tax e. None of the above

Payroll Accounting what are the rules for calculating taxes if an employee has more than one employer?