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Related Flashcards
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Cards In This Set
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All the payroll information needed to prepare payroll and tax reports is on
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Payroll register and the employee earnings record
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Payroll journal entry is based on the totals of the payroll register.
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Total earnings column, each deductions column, and the Net Pay column.
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Total Earnings column total of a payroll register is journalized as a debit to
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Salary Expense
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FUTA column of a payroll register is credited to
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A liability account.
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Net Pay column is credited to
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An asset account
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When a semimonthly payroll is paid, the credit to Cash is equal to
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Total earnings of all employees
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Employee payroll taxes are all
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Expenses
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Payroll taxes paid by both the employer and the employee
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Social security tax and medicare tax
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A tax paid to administer the unemployment program
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FUTA
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A state tax used to pay benefits to unemployed workers
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SUTA
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An employee's earnings subject to unemployment taxes
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FUTA earnings
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Each employer who withholds income tax, social security tax and medicare tax from employee earnings must furnish each employee an
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IRS Form W-2
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Each employer is required by law tot report payroll taxes on an
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IRS Form 941
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The form used to report annual earnings and payroll taxes for all employees to the SSA (Social Security Administration) is
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W-3 Form
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To record the payment of FUTA, the account is debited to
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A liability account.
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