The entry to record a deposit of federal income taxes withheld and social security and Medicare taxes
Question:
The entry to record a deposit of federal income taxes withheld and social security and Medicare taxes would
Multiple Choice
a. debit an expense account and credit one or more liability accounts.
b. debit one or more liability accounts and credit an asset account.
c. debit an asset account and credit an expense account.
d. debit one or more expense accounts and credit one or more liability accounts.
Identify the list of accounts below that would normally all have a debit balance.
Multiple Choice
a. Payroll Taxes Expense, Salaries Expense, Workers’ Compensation Insurance Expense.
b. Worker’s Compensation Insurance Expense, Prepaid Insurance, Medicare Tax Payable.
c. Worker’s Compensation Insurance Payable, Salaries Payable, Salaries Expense.
d. Social Security Tax Payable, Medicare Tax Payable, Employee Income Tax Payable.
e. Generally, the maximum earnings subject to state unemployment taxes is
Multiple Choice
a. larger than the base for social security.
b. the same as the base for social security.
c. smaller than the base for social security.
d. the amount of total earnings.
Jerry Little's gross wages as of October 31 were $120,200. He earned gross wages of $4,000 for the pay period ended November 15, 20X1. Deducted from his paycheck this period, were federal income taxes of $400, state income taxes of $150, social security of 6.2% on the first $132,900 and Medicare tax of 1.45%. State Unemployment Tax is 4%, and Federal Unemployment tax is 0.6% on the first $7,000 of annual earnings. Calculate the employer payroll income taxes associated with Jerry's November 15 paycheck.
Multiple Choice
a. $306.00
b. $248.00
c. $58.00
d. $490.00
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach