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Accounting Ch 12 & 1
Ch 12 & 13 Accounting
| Question | Answer |
|---|---|
| The money paid for employee services | Salary |
| A period covered by a salary payment | Pay Period |
| The total amount earned by all employees for a pay period | Payroll |
| The total pay due for a pay period before deductions | Total Earnings |
| Taxes based on the payroll of a business | Payroll Taxes |
| A deduction from total earnings for each person legally supported by a taxpayer including the employee | Withholding |
| All employees must report their withholding allowances to determine their federal tax witholding on a ____. | Form W-4 |
| A federal tax paid for hospital insurance | Medicare Tax |
| The maximum amount of earning on which a tax is calculated | Tax Base |
| A business form used to record payroll information | Payroll Register |
| The total earnings paid to an employee after payroll taxes and other deductions | Net pay |
| A business form used to record details affecting payments made to an employee | Employee Earnings Record |
| Employers must pay to the _______ the taxes withheld from employee earnings. | government |
| The employer social security tax rate is ___. | 6.4% |
| The employee social security tax rate is ___. | 6.4% |
| Employers can deduct unemployment tax on the first ______ an employee earns. | $7000 |
| Employee payroll taxes are a business _______. | expense |
| Employers must pay these payroll taxes: | social security, medicare, FUTA, SUTA |
| The source document for payment of a payroll is ____. | a check |
| Each employer must file a federal tax return showing the federal income tax and social security and Medicare taxes due the government on a Form ____. | 941 |
| The report that shows total year's earnings and amounts withheld for taxes for an employee is prepared on Form ____. | W-2 |
| The form used for the transmittal of the previous year's earnings and payroll taxes withheld for all employees that a business would have is Form ____. | W-3 |
| A state tax used to pay benefits to unemployed workers is ____. | state unemployment tax |
| To record the payment of federal unemployment tax, the account debited is ____. | a liability account |
Created by:
julieoelschlager
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