Chapter 3: Social Security Taxes
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Q1) The employees of a semiweekly depositor are paid every Tuesday.The accumulated payroll taxes must be deposited on or before the following Friday.
A)True
B)False
Answer: True
Q2) Employers file Form 941 with the IRS center of the region in which the employer's principal place of business is located.
A)True
B)False
Answer: True
Q3) Form 941 is due on or before the 15th day of the month following the close of the calendar quarter for which the return is made.
A)True
B)False
Answer: False
Q4) Employers do not pay payroll taxes on payments made to independent contractors. A)True
B)False Answer: True
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Chapter 4: Income Tax Withholding
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Q1) All of the following are properly defined as wages subject to the withholding of federal income taxes except:
A) a year-end bonus.
B) kitchen appliances given by manufacturer in lieu of cash wages.
C) dismissal payment.
D) vacation pay.
E) payments made under worker's compensation law.
Q2) An employee submits an invalid Form W-4 to the employer and does not replace it with a valid form.The employer should withhold federal income taxes at the rate for a single person claiming no exemptions.
A)True
B)False
Q3) An employer must withhold federal income taxes on both the tips reported by tipped employees and the tips that the employer allocates to the employees.
A)True
B)False
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Chapter 5: Unemployment Compensation Taxes
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Q1) For FUTA purposes,an employer must pay a higher FUTA tax rate on executives than on nonsupervisory personnel.
A)True
B)False
Q2) Refer to Instruction 5-1.Queno Company had FUTA taxable wages of $510,900 during the year.Determine its: a) gross FUTA tax_________
b) FUTA tax credits (assuming no penalties)_____________
c) net FUTA tax____________
Q3) Services performed in the employ of a religious organization that is exempt from federal income tax are also exempt from FUTA coverage.
A)True
B)False
Q4) When making a payment of FUTA taxes,the employer must make the payment by the:
A) end of the month after the quarter.
B) 15th of the month after the quarter.
C) 10th of the month after the quarter.
D) end of the following quarter.
E) same day of the FICA and FIT deposits.
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Chapter 6: Analyzing and Journalizing Payroll
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Q1) The wage and salaries expense account is an operating expense account debited for total net pay each payroll period.
A)True
B)False
Q2) Companies usually provide a separate column in the payroll register to record the employer's payroll taxes.
A)True
B)False
Q3) Carmen Gaetano worked 46 hours during this payweek.He is paid time-and-a-half for hours over 40 and his pay rate is $17.90/hour.What was his overtime premium pay for this workweek?
A) $107.40
B) $161.10
C) $50.70
D) $53.70
E) $26.85
Q4) Refer to Exhibit 6-1.Journalize the adjustment for accrued wages for the following Monday,which is the end of the accounting period.The gross payroll for that day is $7,475.
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