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Exam 11: Payroll Taxes, Deposits, and Reports

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Question 31

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Mary Gonzalez had total cumulative gross earnings of $4,500 as of 1/30.Her gross earnings for the pay period ending 2/15 were $3,000.If federal unemployment taxes are .6% on a maximum earnings of $7,000 per year,how much federal unemployment tax will be paid by Mary and how much will be paid by her employer for her earnings of 2/15?

A) Mary will pay $0 and her employer will pay $15.
B) Mary will pay $0 and her employer will pay $18.
C) Mary will pay $15 and her employer will also pay $15.
D) Mary will pay $0 and her employer will pay $3.

E) B) and D)
F) All of the above

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Question 32

Multiple Choice

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Samantha Rodriguez had gross earnings for the pay period ending 10/15/16 of $4,785.Her total gross earnings as of 9/30/16 were $111,400.Social Security taxes are 6.2% on a maximum earnings of $113,700 per year.The Social Security tax due by her employer from her 10/15/16 paychecks is:

A) $297.67
B) $142.60
C) $154.07
D) $192.75

E) A) and B)
F) C) and D)

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Question 33

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Each employee of a firm will receive several copies of Form W-2,the Wage and Tax Statement,from the

Rick O'Shea,the only employee of Hunter Furniture Company,makes $30,000 per year and is paid once a month.For the month of January,his federal income taxes withheld are $180,state income taxes withheld are $37,social security is 6.2% on a maximum wages of $113,700,Medicare tax is 1.45%,State Unemployment Tax is 4.2%,and Federal Unemployment tax is .6%,both on a maximum wages of $7,000 per employee.What is the employer's payroll tax expense associated with Rick's paycheck?

ABC Consulting had two employees with the following earnings information: Use the table above and calculate the employer payroll income taxes associated with Poppy's December 15 paycheck given the following tax rates: Social Security tax of 6.2% is levied on the first $113,700 of annual wages and the Medicare tax rate is 1.45% on all earnings.State unemployment tax of 5.4% and federal unemployment tax of .6% are both levied on only the first $7,000 of each employee's annual earnings.

Which of the following statements is correct?

Identify the list of accounts below that would normally all have a credit balance.

After the Mansley Company paid its employees on July 15,2016,and recorded the corporation's share of payroll taxes for the payroll paid that date,the firm's general ledger showed a balance of $1,695 in the Social Security Tax Payable account,a balance of $321 in the Medicare Tax Payable account,and a balance of $1,968 in the Employee Income Tax Payable account.On July 16,2016,the business issued a check to deposit the taxes owed in the local bank.Record this transaction on page 23 of a general journal.

Orleans Manufacturing estimates that its office employees will earn $75,000 next year and its factory employees will earn $200,000.The firm pays the following rates for workers' compensation insurance: $0.55 per $100 of wages for the office employees and $4.75 per $100 of wages for the factory employees.Compute the estimated premiums for the office and factory employees.

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

Compute and record workers' compensation insurance premiums for Evergreen Manufacturing as follows: 1.The firm estimates that its office employees will earn $49,000 next year and its factory employees will earn $150,000.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 2016.On page 54 of a general journal,record the payment of the estimated premium.Date the entry January 12,2016. 2.On January 4,2017,an audit of the firm's payroll records for 2016 showed that the firm had actually paid wages of $53,000 to its office employees and $161,000 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 2016.Date the entry December 31,2016.

Form 941 is used to report federal income taxes withheld,social security taxes,and ____________________ taxes.

Alfred Spindle earned gross wages of $1,620 for the week ended June 21,2016.His gross wages year to date,prior to his June 21 paycheck,were $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 .6% 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 associated with Alfred's June 21,2016,paycheck?

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.

This preprinted government form is used to report federal unemployment taxes.

The entry to record the deposit of federal income taxes withheld includes a ____________________ to the Employee Income Tax Payable account.

Only the employer is responsible for paying

The payroll register of Reynolds Company showed total employee earnings of $2,320 for the week ended May 10,2016.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,0.6 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.

The payroll register of the Retro Manufacturing Company showed total employee earnings of $25,000 for the week ended January 18,2016.Compute the employer's payroll taxes for the period.Use a rate of 6.2 percent for the employer's share of the social security tax,1.45 percent for Medicare tax,0.6 percent for FUTA tax,and 5.4 percent for SUTA tax.Assume all earnings are taxable.

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