21) Compute the net pay.   ________

22) Prepare the general journal entry to record the payroll.

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23) Prepare the general journal entry to record the employer’s payroll tax expense.

___________________________________________ _________ _________

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8.3   Learning Objective 8-3

 

1) The tax paid by the employer for both the employee and employer:

A) must be deposited in an authorized depository.

B) must be deposited directly in the company’s checking account.

C) can be paid when the company is determined to have excess cash.

D) None of these answers are correct.

2) A monthly depositor:

A) is an employer who only has to deposit Form 941 taxes on the 15th day of the month (or next banking day).

B) is determined by the amount of Form 941 taxes that they paid in the prior year.

C) will remain a monthly depositor, once classified, for one year at which time they will be reevaluated.

D) All of the above answers are correct.

 

3) A calendar quarter is made up of:

A) 4 months.

B) 13 weeks.

C) 12 weeks.

D) however many weeks are needed to complete the month.

 

4) FUTA taxes are paid:

A) by the end of January of the following year if the amount owed is less than $500.

B) by the end of the month following the end of the calendar quarter if the amount owed is more than $500.

C) at the same time as the Form 941 taxes.

D) Both A and B are correct.

 

5) The correct journal entry to record the payment of FUTA is to:

A) debit Cash; credit FUTA Payable.

B) debit FUTA Expense; credit Cash.

C) debit FUTA Payable; credit Cash.

D) debit Cash; credit FUTA Expense.

6) The correct journal entry to record the payment of SUTA is:

A) debit SUTA Expense; credit Cash.

B) debit Cash; credit SUTA Expense.

C) debit Cash; credit SUTA Payable.

D) debit SUTA Payable; credit Cash.

 

 

 



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