13.07 Chapter 13 Payroll Tax Quiz

• complete Chapter 13 Quiz

13.06 - Review for Ch 13 Payroll Taxes Quiz

Create and submit a Google Doc that addresses the following problems 

• Submit your work through the Assignment Submission Form

True or False:

1. Cash in Bank is credited for the total amount earned by the employees’ each pay period.
2. The salary expense of a business is equal to the total gross earnings.
3. When payroll is recorded for the pay period, the credit to cash is equal to the take home pay amount.
4. Both federal and state unemployment taxes are recorded in the same Unemployment Taxes Payable account.
5. The employer’s payroll taxes are operating expenses of the business.
6. Employers must pay FICA taxes and unemployment taxes.
7. Employees’ wages calculated during the pay period are liabilities to the business.

Using the following account titles, journalize the transactions below (Gross Earnings = $100,000).

• salaries expense
• employee’s federal income tax payable
• employees’ state income tax payable
• social security tax payable
• Medicare tax payable
• U.S. savings bond payable
• insurance premiums payable
• cash in bank
• payroll tax expense
• federal unemployment tax payable
• state unemployment tax payable

1. Record the employer’s payroll taxes.
2. Record the payment of the employer’s federal unemployment taxes.
3. Record the payment of the employee’s state income taxes.
4. Record the payment of FICA taxes and employee’s federal income taxes.
5. Record the payment of the employer’s state unemployment taxes.
6. Record the payment of life insurance premiums previously withheld from the employees’ earnings
7. Record the purchase of savings bonds for the employees.

Answer each of the following statements by choosing Debit or Credit

1. Normal balance side of the salaries expense account.
2. Normal balance side of the payroll tax expense account.
3. Normal balance side of the federal income tax payable account.
4. Normal balance side of the federal unemployment tax payable account.
5. Normal balance side of the social security tax payable account.
6. Normal balance side of the Medicare tax payable account.
7. The total amount of net pay of all employees is entered on the _________ side of the cash in bank account.
8. An increase in the state unemployment tax payable account is recorded as a __________.
9. When a payment is made to the federal government for the employees’ federal income tax, an entry is made on the ________ side of the Employees’ Federal Income Tax Payable account.
10. The total amount of gross earnings is entered on the ________ side of the Salaries Expense account.

13.05 - Review for Ch 13 Payroll Taxes Quiz

• Using the Chapter 13 textbook pages, create a Kahoot, Quizlet, or Google Slides Presentation that addresses the following questions:
1. Which type of tax is usually paid only by the employer and collected to provide funds for workers who are temporarily out of work?
2. Which document reports the accumulated amounts of federal income taxes and FICA taxes withheld from all of the employees’ earnings for the quarter?
3. Which tax return includes both federal and state unemployment taxes paid by the employer during the year?
4. Which form is prepared and sent with the employer’s check to show the amount of taxes being sent to the federal government?
5. The wage and tax statement provided to the employee that summarizes an employee’s earnings and tax deductions for the previous calendar year is called ___________.
6. What rate is used to calculate the employee and the employer social security taxes?
7. What rate is used to calculate the employee and the employer Medicare taxes?
8. When does Form W-2 need to be prepared and given to each employee by?
9. How are amounts withheld from gross earnings and held by the employer until they are paid classified by the business? (Assets, Liabilities, Expenses, or Revenue?)
10. How often is an employer required to file Form W-3?
11. How often is an employer required to file Form 941?
• Submit your work through the Assignment Submission Form

13.04 - Problems 13-4 & 13-5

• Make sure to review the Chapter 13 Review Presentation
• Make a copy of and complete the following problems 
• Problem 13-4
• Problem 13-5
  
• Submit your work through the Assignment Submission Form

13.03 - Tax Liability Payments and Tax Report

• Read through Chapter 13 section 3
• make a copy of and complete the Chapter 13.03 Key Terms document
• Submit your work through the Assignment Submission Form

13.02 - Employer's Payroll Taxes

• Watch this video and take notes as you watch:
• Accounting - Payroll Taxes and Liabilities
• Read through Chapter 13 section 2
• make a copy of and complete the following assignments:
• Chapter 13.02 Key Terms document
• Problem 13-2
• Problem 13-3
• Submit your work through the Assignment Submission Form

13.01 - Journalizing Payroll

• Watch this video and take notes as you watch:
• Payroll Entries
• Read through Chapter 13 section 1
• make a copy of and complete the following assignments:
• Chapter 13.01 Key Terms document
• Problem 13-1
• Submit your work through the Assignment Submission Form