Accounting II - Chapter 13

Front

In each pay period, the payroll information for each employee is recorded on his or her employee earnings record.

Back

True

Front

The payroll register provides all the payroll information needed to prepare a payroll.

Back

False

Front

A business deposits the total of gross wages in a separate payroll checking account.

Back

False

Front

Are employer payroll taxes business expenses?

Back

True

Front

The employer social security tax rate is different than the employee social security tax rate.

Back

False

Front

Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation.

Back

False

Front

The transaction to record employer payroll taxes expense is journalized at the end of the quarter.

Back

False

Front

Each employer is required by law to periodically report the payroll taxes withheld from employee salaries.

Back

True

Front

The timing of payroll tax payments is based on the amount owed.

Back

True

Front

Form W-2 reports an employee’s annual earnings and the with-holdings for federal income, social security, and Medicare taxes.

Back

True