Questions and Answers of Payroll Accounting 2023

Moravanti Italian Imports has four employees and pays biweekly. On Form W-4, complete Step 2, the Multiple Jobs Worksheet (when applicable) to obtain the amount for Step 4(c). Calculate the federal
The first-quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 15, 2022. For the taxes, assume the second February payroll amounts were duplicated for the March 4 and March
Using the information from P6-4A, compute the employer’s share of the taxes. The FUTA rate in Kentucky for 2022 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4
Using the information from P6-6B, complete the following form 941 for the first quarter of 2022. The form was signed by the owner on April 11, 2022.EIN: 98-0050036Address: 1021 Old Plainfield Road,
Using the information from P6-6A, complete the following Form 941 for the first quarter of 2022. The report was signed on April 15, 2022.EIN: 78-7654398Address: 23051 Old Redwood Highway, Sebastopol,
Using the information from P6-10B for Castor Corporation, complete Form W-3 that must accompany the company’s Form W-2s. Castor Corporation is a 941 payer and is a private, for-profit company. No
Using the payroll register from P7-1A for White Mountain Assessments, complete the General Journal entry for the employer’s share of the payroll taxes for the September 9 payroll end date. Assume
Using the payroll register from P7-1A for White Mountain Assessments, complete the General Journal entry for the employees’ pay for the September 9 pay date. Paychecks will be issued on September
Using the employee payroll entry from P7-3A, post the September 9 employee pay for White Mountain Assessments to the selected General Ledger accounts shown next. This will have a Posting Reference of
Using the employee payroll entry from P7-3B, complete the General Journal entry for the issuance of Appalachian Limited Home Design pay on March 16, 2022.Data from In P7-3BUsing the payroll register
Using the employee payroll entry from P7-3A, complete the General Journal entry for the issuance of the pay for the September 9 payroll end date. The date of the checks is September 14, 2022.Data
GarnishmentA. Expense account for FICA, FUTA, and SUTA taxes on the employerB. Legal procedure by which a portion of the wages of any person is withheld for payment of a debtC. Debit card-based
Form 668-WA. Expense account for FICA, FUTA, and SUTA taxes on the employerB. Legal procedure by which a portion of the wages of any person is withheld for payment of a debtC. Debit card-based
Karlson Software Company is located in State H, which enables employers to reduce their contribution rates under the experience-rating system. From 2009 to 2018, inclusive, the company’s total
Payroll registerA. Expense account for FICA, FUTA, and SUTA taxes on the employerB. Legal procedure by which a portion of the wages of any person is withheld for payment of a debtC. Debit card-based
Wages PayableA. Expense account for FICA, FUTA, and SUTA taxes on the employerB. Legal procedure by which a portion of the wages of any person is withheld for payment of a debtC. Debit card-based
Overtime premium earningsA. Expense account for FICA, FUTA, and SUTA taxes on the employerB. Legal procedure by which a portion of the wages of any person is withheld for payment of a debtC. Debit
Payroll TaxesA. Expense account for FICA, FUTA, and SUTA taxes on the employerB. Legal procedure by which a portion of the wages of any person is withheld for payment of a debtC. Debit card-based
Regular earnings plus overtime earningsA. Expense account for FICA, FUTA, and SUTA taxes on the employerB. Legal procedure by which a portion of the wages of any person is withheld for payment of a
Disposable earningsA. Expense account for FICA, FUTA, and SUTA taxes on the employerB. Legal procedure by which a portion of the wages of any person is withheld for payment of a debtC. Debit
The following unemployment tax rate schedule is in effect for the calendar year 2023 in State A, which uses the reserve-ratio formula in determining employer contributions:Hyram Company, which is
Kirit Devi’s employer receives a creditor garnishment order to withhold $100 from Devi’s paycheck each week. This week his disposable earnings were $250. How much will the employer withhold from
Rico Samuel’s employer receives a creditor garnishment order to withhold $80 from Samuel’s paycheck each week. This week his disposable earnings were $300. How much will the employer withhold
Pay cardsA. Expense account for FICA, FUTA, and SUTA taxes on the employerB. Legal procedure by which a portion of the wages of any person is withheld for payment of a debtC. Debit card-based
Employee’s earnings recordA. Expense account for FICA, FUTA, and SUTA taxes on the employerB. Legal procedure by which a portion of the wages of any person is withheld for payment of a debtC. Debit
As of June 30, 2022 (the computation date for the 2023 tax rate), Sanchez Company had a negative balance of $1,190 in its unemployment reserve account in State A. The company’s average payroll over
Hinsky Company was subject to the Alaska state unemployment tax of 4.2%. The company’s taxable wages for FUTA were $86,700 and for SUTA, $171,000. Compute:a. SUTA tax that Hinsky Company would pay
In 2022:a. Which state had the widest range of SUTA tax rates for employers?b. Which state paid the highest weekly maximum benefit (excluding dependency allowances) to qualified unemployed workers?c.
Household employersA. Extra state unemployment contributions made by the employersB. Favorable employment records result in a lower SUTA taxC. Annual Federal Unemployment Tax ReturnD. Poor
Form 940A. Extra state unemployment contributions made by the employersB. Favorable employment records result in a lower SUTA taxC. Annual Federal Unemployment Tax ReturnD. Poor experience-rated
Merit ratingA. Extra state unemployment contributions made by the employersB. Favorable employment records result in a lower SUTA taxC. Annual Federal Unemployment Tax ReturnD. Poor experience-rated
DumpingA. Extra state unemployment contributions made by the employersB. Favorable employment records result in a lower SUTA taxC. Annual Federal Unemployment Tax ReturnD. Poor experience-rated
Over $500A. Extra state unemployment contributions made by the employersB. Favorable employment records result in a lower SUTA taxC. Annual Federal Unemployment Tax ReturnD. Poor experience-rated
What is Form 944?
What are the self-employment tax rates for 2022? Explain how the tax is computed.
Reciprocal arrangementsA. Extra state unemployment contributions made by the employersB. Favorable employment records result in a lower SUTA taxC. Annual Federal Unemployment Tax ReturnD. Poor
Flexible reportingA. Payments of at least $600 to independent contractorsB. Annual nondeductible contributions of up to $6,000C. Annual summary and transmittal of U.S. information returnsD. Allows
Nontaxable fringe benefitsA. Payments of at least $600 to independent contractorsB. Annual nondeductible contributions of up to $6,000C. Annual summary and transmittal of U.S. information returnsD.
What was the standard deduction for a single filer for 2022?
Pretax salary reductionsA. Payments of at least $600 to independent contractorsB. Annual nondeductible contributions of up to $6,000C. Annual summary and transmittal of U.S. information returnsD.
Standard deductionA. Payments of at least $600 to independent contractorsB. Annual nondeductible contributions of up to $6,000C. Annual summary and transmittal of U.S. information returnsD. Allows
Roth IRAA. Payments of at least $600 to independent contractorsB. Annual nondeductible contributions of up to $6,000C. Annual summary and transmittal of U.S. information returnsD. Allows employers to
Voluntary contributionsA. Extra state unemployment contributions made by the employersB. Favorable employment records result in a lower SUTA taxC. Annual Federal Unemployment Tax ReturnD. Poor
Wage information reportsA. Extra state unemployment contributions made by the employersB. Favorable employment records result in a lower SUTA taxC. Annual Federal Unemployment Tax ReturnD. Poor
Backup withholdingA. Payments of at least $600 to independent contractorsB. Annual nondeductible contributions of up to $6,000C. Annual summary and transmittal of U.S. information returnsD. Allows
Self-employed’s FICA tax ratesA. Severance payB. By the 15th day of the following monthC. Employer’s QUARTERLY Federal Tax ReturnD. Application for Employer Identification NumberE. 6.2 percent
Monthly depositorA. Severance payB. By the 15th day of the following monthC. Employer’s QUARTERLY Federal Tax ReturnD. Application for Employer Identification NumberE. 6.2 percent and 1.45
OASDI taxable wage baseA. Severance payB. By the 15th day of the following monthC. Employer’s QUARTERLY Federal Tax ReturnD. Application for Employer Identification NumberE. 6.2 percent and 1.45
Taxable tipsA. Payments of at least $600 to independent contractorsB. Annual nondeductible contributions of up to $6,000C. Annual summary and transmittal of U.S. information returnsD. Allows
Nontaxable for FICAA. Severance payB. By the 15th day of the following monthC. Employer’s QUARTERLY Federal Tax ReturnD. Application for Employer Identification NumberE. 6.2 percent and 1.45
What are an employer’s responsibilities for FICA taxes on:a. Tips reported by employees?b. Wages paid tipped employees?
Taxable for FICAA. Severance payB. By the 15th day of the following monthC. Employer’s QUARTERLY Federal Tax ReturnD. Application for Employer Identification NumberE. 6.2 percent and 1.45 percentF.
Semiweekly depositorA. Severance payB. By the 15th day of the following monthC. Employer’s QUARTERLY Federal Tax ReturnD. Application for Employer Identification NumberE. 6.2 percent and 1.45
Form SS-4A. Severance payB. By the 15th day of the following monthC. Employer’s QUARTERLY Federal Tax ReturnD. Application for Employer Identification NumberE. 6.2 percent and 1.45 percentF.
Affordable Care ActA. Also known as the Federal Wage and Hour Law.B. Record used in preparing employee’s W-2.C. Protection against losses due to work-related injuries.D. Multicolumn form used to
Family and Medical Leave ActA. Also known as the Federal Wage and Hour Law.B. Record used in preparing employee’s W-2.C. Protection against losses due to work-related injuries.D. Multicolumn form
Workers’ compensation insuranceA. Also known as the Federal Wage and Hour Law.B. Record used in preparing employee’s W-2.C. Protection against losses due to work-related injuries.D. Multicolumn
VestingA. Also known as the Federal Wage and Hour Law.B. Record used in preparing employee’s W-2.C. Protection against losses due to work-related injuries.D. Multicolumn form used to summarize data
Unemployment insurance taxesA. Also known as the Federal Wage and Hour Law.B. Record used in preparing employee’s W-2.C. Protection against losses due to work-related injuries.D. Multicolumn form
Immigration Reform and Control ActA. Also known as the Federal Wage and Hour Law.B. Record used in preparing employee’s W-2.C. Protection against losses due to work-related injuries.D. Multicolumn
Employee’s earnings recordA. Also known as the Federal Wage and Hour Law.B. Record used in preparing employee’s W-2.C. Protection against losses due to work-related injuries.D. Multicolumn form
Payroll registerA. Also known as the Federal Wage and Hour Law.B. Record used in preparing employee’s W-2.C. Protection against losses due to work-related injuries.D. Multicolumn form used to
Executive ordersA. Also known as the Federal Wage and Hour Law.B. Record used in preparing employee’s W-2.C. Protection against losses due to work-related injuries.D. Multicolumn form used to
Fair Labor Standards ActA. Also known as the Federal Wage and Hour Law.B. Record used in preparing employee’s W-2.C. Protection against losses due to work-related injuries.D. Multicolumn form used
Employee’s FICA tax ratesA. Severance payB. By the 15th day of the following monthC. Employer’s QUARTERLY Federal Tax ReturnD. Application for Employer Identification NumberE. 6.2 percent and
SemimonthlyA. Remuneration paid twice a monthB. Full-time life insurance agentsC. Employee engages in interstate commerce or produces goods for such commerceD. Remuneration paid every two weeksE.
Piece-rate systemA. Remuneration paid twice a monthB. Full-time life insurance agentsC. Employee engages in interstate commerce or produces goods for such commerceD. Remuneration paid every two
Statutory employeeA. Remuneration paid twice a monthB. Full-time life insurance agentsC. Employee engages in interstate commerce or produces goods for such commerceD. Remuneration paid every two
Gross earningsA. Remuneration paid twice a monthB. Full-time life insurance agentsC. Employee engages in interstate commerce or produces goods for such commerceD. Remuneration paid every two weeksE.
Individual employee coverageA. Remuneration paid twice a monthB. Full-time life insurance agentsC. Employee engages in interstate commerce or produces goods for such commerceD. Remuneration paid
Overtime premiumA. Remuneration paid twice a monthB. Full-time life insurance agentsC. Employee engages in interstate commerce or produces goods for such commerceD. Remuneration paid every two
Common-law relationshipA. Remuneration paid twice a monthB. Full-time life insurance agentsC. Employee engages in interstate commerce or produces goods for such commerceD. Remuneration paid every two
Statutory nonemployeeA. Remuneration paid twice a monthB. Full-time life insurance agentsC. Employee engages in interstate commerce or produces goods for such commerceD. Remuneration paid every two
BiweeklyA. Remuneration paid twice a monthB. Full-time life insurance agentsC. Employee engages in interstate commerce or produces goods for such commerceD. Remuneration paid every two weeksE.
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What is always true about the income statement?a. Only accounts with balances at the end of the period are included.b. All income and expense accounts are included in the report.c. All liabilities
KMH Industries is a monthly schedule depositor of payroll taxes. For the month of August 2022, the payroll taxes (employee and employer share combined) were as follows:Social Security tax:
Although the company has already established medical and retirement plan benefits, Toni Prevosti wants to consider other benefits to attract employees. As the company’s accountant, you have been
Gold Star Printing made its required tax deposits. However, it filed its thirdquarter Form 941 on December 10, after receiving notice from the missing form’s IRS. What is the failure to file
Using the information from P6-6A and P6-7A for Veryclear Glassware (CaliforniaEmployer Account Number 999-9999-9), complete the following State of California Form DE-9, Quarterly Contribution, and
Leda, Inc., is located at 433 Augusta Road, Caribou, Maine, 04736, phone number 207-555-1212. The Federal EIN is 54-3910394, and it has a Maine Revenue Services number of 3884019. Owner Kieran Leda
Using the information from P6-10A for Leda, Inc., completed Form W-3 must accompany the company’s W-2 forms. Leda, Inc., is a 941 payer and is a private, for-profit company. Kieran Leda is the
Nat Crossman owns Appalachian Limited Home Design in Versailles, Kentucky. Complete the payroll register for the weekly payroll dated March 11, 2022. Checks will be issued on March 16, 2022. Use the
Your boss asks you for a five-year labor cost trend chart. The labor costs per year are as follows:Construct a line chart to depict the data. What conclusions can you derive from the data about labor
An ongoing discussion among business managers is the return on employee investment (ROEI). Employers want to maximize business profitability, and employees are a significant part of organizational
Complete the Payroll Register for the February and March biweekly pay periods, assuming benefits went into effect as anticipated.Use the Wage-Bracket Method Tables for Income Tax Withholding in
Would you like to know about personal experiences as a payroll accountant? How about videos that detail the completion of payroll-related forms? Go to www.youtube.com and search the term payroll
Harper Morgan owns White Mountain Assessments in Laconia, New Hampshire. The standard workweek is 40 hours. For the weekly payroll ending September 9, 2022, checks dated September 14, 2022, complete
Which column exists in the employees’ earnings records but not in the payroll register?a. Gross payb. Net payc. YTD net payd. 401(k) contributions
The employee earnings record for Carson Ito of Appalachian Limited Home Design follows. Record the earnings during the March 11, 2022, pay period from P7-1B.
Which of the following information exists in both the employees’ earnings records and the payroll register? (Select all that apply.)a. Employee birthdateb. Social Security numberc. Hourly rate or
Giblin’s Goodies pays employees weekly on Fridays. However, the company notices that May 31 is a Tuesday, and the pay period will end on June 3. The payroll data for May 30–31 is as follows:Gross
Would you like to build your own favorites list of payroll accounting tools? Go to one or more of the following sites. What are three important items you
The employee earnings record for Lyric Crosby of White Mountain Assessments is listed below. Record the earnings from the September 9 weekly pay in P7-1A. NAME ADDRESS CITY/STATE/ZIP TELEPHONE SOCIAL
How do the payroll register and employees’ earnings records connect with payroll tax determination and remittance? (Select all that apply.)a. Payroll register column totals contain information
Using the payroll register from P7-1B for Appalachian Limited Home Design, complete the General Journal entry for the employees’ pay for the March 11, 2022, payroll end date. Employees’ paychecks
Join a conversation about payroll accounting with industry professionals. Go to www. linkedin.com and establish a profile (if you do not have one). Search groups for payroll accounting and follow the
Where are first accounting entries recorded?
A credit increases which of the following types of accounts?a. Liabilitiesb. Expensesc. Revenuesd. Assets
Makena is a salaried, exempt employee with CaxKyat Stores. Makena is single with one dependent under 17 and earns $35,500 per year. Complete the payroll register for the biweekly pay period ending

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