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Cards In This Set
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The source document for payment of a payroll is the time card.
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False
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Employee withheld income tax, employee social security tax and Medicare ts, and employer social security and medicare tax are paid periodicallyto the federal gov't in combined payment.
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True
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Some employers must deposit payments for withheld employees' federal income tax and socail security and medicare taxes on the next banking day.
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Ture
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Employer payroll taxes are business expenses
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True
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Employer payroll taxes expense is based on a percentage of employee earnings
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True
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The source document for journalizing employer payroll taxes is a check
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False
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Each employer is required by law to periodically report the payroll taxes withheld from employee salaries.
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True
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The payroll register and emplyee earnings records provide all the payroll information needed to prepare a payroll
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True
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Each employer who withholds income tax and social security and medicare tax from employees salaries must furnish each employee with a quarterly statement.
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False
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In the journal entry for a payroll, the amount debited to salary expense is the total od the net pay column of th payroll register
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False
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The transaction to record employer payroll taxes expense is journalized at the end of the quarter.
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False
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The only reason an employee receives a form W-2 Wage and taax statement from and employer is to check it for accuracy
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False
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What must employers pay payroll taxes for?
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Social security, medicare, fed unemployment, state unemployment
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Employers are required to furnishh each employee with an annual statement of earnings and withholding before when?
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Jan 31 of following year
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In the entry to journalize paying the liability for the first quarter federal unemployment tax the account credited is what?
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Cash
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