COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 11, Problem 5SRE
To determine
Identify the correct form to report federal
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For each of the following payroll-related taxes, indicate whether they generally apply to (a) employees only, (b) employers only, or (c) both employees and employers:1. Federal income tax2. Medicare tax3. Social security tax4. Federal unemployment compensation tax5. State unemployment compensation tax
10. Which payroll tax is imposed on both the employee and the employer?
a. federal income taxb. desempleo estatal (state unemployment taxes)c. FICA taxesd. desempleo federal (federal unemployment taxes)
The employer is responsible for which of the following payroll taxes?
a. 6.2% FICA—OASDI tax
b. 1.45% FICA—Medicare tax
c. Federal and state unemployment taxes
d. All of the above
Chapter 11 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 11 - Prob. 1.1SRQCh. 11 - Prob. 1.2SRQCh. 11 - Prob. 1.3SRQCh. 11 - Prob. 1.4SRECh. 11 - Prob. 1.5SRECh. 11 - Prob. 1.6SRACh. 11 - Prob. 2.1SRQCh. 11 - Prob. 2.2SRQCh. 11 - Prob. 2.3SRQCh. 11 - Prob. 2.4SRE
Ch. 11 - Prob. 5SRECh. 11 - At the end of the year, the business has a balance...Ch. 11 - Prob. 1CSRCh. 11 - Prob. 2CSRCh. 11 - Prob. 3CSRCh. 11 - Prob. 4CSRCh. 11 - Prob. 5CSRCh. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - Prob. 3DQCh. 11 - Prob. 4DQCh. 11 - Prob. 5DQCh. 11 - Prob. 6DQCh. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQCh. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - Prob. 13DQCh. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - Prob. 16DQCh. 11 - Prob. 17DQCh. 11 - Prob. 18DQCh. 11 - Prob. 19DQCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - At the end of the weekly payroll period on June...Ch. 11 - Prob. 4ECh. 11 - Prob. 5ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - Prob. 8ECh. 11 - Prob. 1PACh. 11 - Prob. 2PACh. 11 - Prob. 3PACh. 11 - Prob. 4PACh. 11 - Prob. 5PACh. 11 - Prob. 6PACh. 11 - Prob. 1PBCh. 11 - A payroll summary for Todays Teen owned by Nikki...Ch. 11 - Prob. 3PBCh. 11 - Prob. 4PBCh. 11 - Prob. 5PBCh. 11 - Prob. 6PBCh. 11 - Prob. 1CTPCh. 11 - The Valley Voice is a local newspaper that is...Ch. 11 - Prob. 1MFCh. 11 - Prob. 2MFCh. 11 - Why should management be concerned about the...Ch. 11 - Prob. 4MFCh. 11 - Prob. 1EDCh. 11 - Prob. 1FSA
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Similar questions
- Answer the following questions. (a) Which of the following would appear on payroll tax Form 941? State unemployment tax State Income tax Federal unemployment tax Gross earnings Federal Income tax Employer FICA tax Employee FICA taxarrow_forwardMatch each payroll item that follows to the one item (a–f) that best describes its characteristics. - a. b. c. d. e. f. Federal income tax - a. b. c. d. e. f. FICA —Social security - a. b. c. d. e. f. FICA —Medicare - a. b. c. d. e. f. Federal unemployment compensation tax (FUTA) - a. b. c. d. e. f. State unemployment compensation tax (SUTA) a. Amount is limited, withheld from employee only b. Amount is limited, withheld from employee and matched by employer c. Amount is limited, paid by employer only d. Amount is not limited, withheld from employee only…arrow_forwardEmployee payroll taxes do not include: a) Federal unemployment taxes. b) State Income taxes. c ) Federal income taxes. d ) FICA taxes.arrow_forward
- For each of the listed payroll-related taxes, indicate whether they generally apply to employees only, employers only, or both. Explain your answers. 1. Federal income tax 2. Medicare tax 3. Social security tax 4. Federal unemployment compensation tax 5. State unemployment compensation taxarrow_forwardThe following taxes are reported on Form 941 except: Multiple Choice FICA-Medicare (employer and employee) State income taxes withheld from the employee paychecks Federal income taxes withheld from the employee paychecks FICA-Social Security (employer and employee)arrow_forward12. All of the following payroll taxes are levied against the employer, except for: a. FICA taxesb. federal unemployment taxesc. state unemployment taxesd. federal income taxes withheldarrow_forward
- 1. Employees are subject to taxes withheld from their paychecks. a. List the federal taxes withheld form most employee's paychecks. b. Give the title of the accounts credited by amounts withheld. c. Social security tax d. Federal unemployment compensation tax e. Sate unemployment compensation taxarrow_forwardThe employer is responsible for which of the following payroll taxes? 6.2% FICA—OASDI tax 1.45% FICA—Medicare tax Federal and state unemployment taxes< All of the abovearrow_forwardBased on the information in problem 2, calculate and record the employers payroll taxes for the period in the general journal below. The state employment tax rate is 5.4 percent, and the federal unemployment tax rate is 0.8 percent.arrow_forward
- 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…arrow_forwardIf Form 941-V is utilized, the amount shown on line 2 of the form must agree with the amount displayed on which line of Form 941? a. 10 b.11 C. 12 d.14 2. Under which condition is an employer NOT required to file a quarterly Form 941? a.annual tax liability for federal income tax, Social Security, & Medicare tax is less than $1,000 b.annual tax liability for federal income tax, Social Security, & Medicare tax is less than $1,500 c. total annual tax liability is less than $2,500 d.total annual tax liability is less than $100,000 Employers pay a higher FUTA tax rate in states that are subject to a credit reduction. True Falsearrow_forwardEach year there is a ceiling for the amount that is subject to all of the following except a.federal income tax b.federal unemployment tax c.social security tax d.state unemployment taxarrow_forward
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