Chapter 7 Questions 1 What are the steps to create a new employee? 2 What are the steps to create a new account? 3 What are the two minimum accounts needed to account for payroll? 4 What types of costs are included in the Payroll (expense) account? 5 What types of costs are included in the Payroll Tax Payable (liability) account? prac 7 Chapter 7 Matching a. 6.2% b. 1.45% c. Payroll d. Payroll tax payable e. QBO Payroll f. Gross pay g. Recurring transactions h. Transaction report i. Unscheduled j. Record as negative amounts Chapter 7 Cases Account used to record the liability for Federal income tax An add-on feature to QBO Rate used to calculate an employee's Medicare tax Hours worked times hourly rate Use to more efficiently record periodic payroll Payroll tax payable Accessed by clicking an amount on the trial balance One type of recurring event Account used to record all payroll expenses Rate used to calculate an employee's social security tax The following cases require you to open the company you updated in Chapter 6. Chapter 7 Matching a. 6.2% b. 1.45% c. Payroll d. Payroll tax payable e. QBO Payroll f. Gross pay g. Recurring transactions h. Transaction report i. Unscheduled j. Record as negative amounts Account used to record the liability for Federal income tax withheld An add-on feature to QBO Rate used to calculate an employee's Medicare tax Hours worked times hourly rate Use to more efficiently record periodic payroll Payroll tax payable Accessed by clicking an amount on the trial balance One type of recurring event Account used to record all payroll expenses Rate used to calculate an employee's social security tax