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