A.    State Income Tax Withholding     B.    Social Security

Q: What account is debited when journalizing the payment of payro Salary Expense Payroll Tax Expense…

A: Payroll Payroll is the procedure for paying employees of an organization. It entails gathering the…

Q: (a) Tax BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid…

A: The gross earnings is earning without any deduction. It is revenue less cost of goods sold.Tax…

Q: An employer's payroll tax expense would include:

A: The correct answer is: (C) FUTA, SUTA, Social Security and Medicare taxes FUTA (Federal Unemployment…

Q: Which of the following taxpayers is required to file a form 8862 to claim certain credits after…

A: An exemption known as a withholding allowance lowers the amount of income tax that an employer…

Q: what are the advantages and disadvantages of the payroll tax deferral?

A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…

Q: Which of the following journal entries is recorded in a general journal for the payment of the State…

A: The objective of the question is to identify the correct journal entry for the payment of the State…

Q: What is the term for the employer's mandatory payroll taxes that the government has written into…

A: A payroll tax is a percentage withheld from an employee's pay by an employer who pays it to the…

Q: Which payroll tax is imposed on both the employee and the employer? a. federal income tax b.…

A: Payroll taxes are levied on salaries and self-employment income by the federal government, and the…

Q: Which of the following does NOT apply to both a W−2 and a W−​3?     A. Reports the total amount of​…

A: IRS forms W-2 and W-3 both are submitted by the employer to Social Security Administration and both…

Q: Medical Insurance, a pre-tax deduction? Thank you,

A: Payroll deductions are wages withheld from an employee’s total earnings for the purpose of paying…

Q: Which of the following taxes is part of payroll deductions for an employee's earnings and paid by…

A:

Q: In a payroll journal entry, a credit to Federal Withholding Tax Payable indicates a.Federal taxes…

A: Solution: In payroll journal entry, Payroll expense are debited, amount paid to employee is credited…

Q: The deposit made by an employer for federal payroll taxes includes         FICA…

A: The question is asking about the components of the federal payroll taxes that an employer is…

Q: Describe the costs and the basic accounting activities relating to payrolls?

A: Finance bookkeeping is basically the estimation, the executives, recording, and examination of…

Q: Some payroll taxes are paid by both employees and employers. Others are paid only by employers.…

A: Some payroll taxes are borne by both employer and employee while some are paid only by employees or…

Q: Question 4: Schedule A (Form 940) is used in each of the following circumstances except when:…

A: * As per the bartleby guidelines in case of different questions answer first only FORM 940 - if the…

Q: Identify the major payroll tax forms and describe the purpose of each.

A: Payroll tax refers to the percentage which is withheld from the pay or salaries of the employee…

Q: When using the discrete view to prepare interim statements, two exceptions that are permitted deal…

A: A company's financial reports for a period less than a complete fiscal year, often a quarter or six…

Q: Explain and what is the calculation of the following. Tax rates (formula) HELP repayment amount…

A:

Q: Which of the following journal entries is recorded for the payment of employees' state income tax…

A: The objective of the question is to identify the correct journal entry for the payment of employees'…

Q: Which tax does not have a wage base​ limit?   A. FICA−Medicare   B. Federal unemployment tax   C.…

A:

Q: What special accounts must usually be opened in the general ledger to record payroll tax entries?…

A: Lets understand the basics. Journal entry is required to make to record financial event or…

Q: To journalize the payment of Medicare taxes to the IRS, the correct entry would be O a. debit…

A: Analysis of the accounts involved:Medicare Tax Payable: This account increases when you owe Medicare…

Q: e any examples of payroll deductions and describe them?

A:

Q: Which of the following would appear on payroll tax Form 941? State unemployment tax State Income…

A: Form 941 of payroll taxes is used by employers to report income taxes, Social Security tax, or…

Q: total deductions on payroll register

A: Deductions are subtracted from total earned pay.

Q: To calculate the debit to payroll tax expense in recording the employer's payroll taxes the…

A: Employer payroll taxes means those tax expenses that are incurred by employer on behalf of employees…

Q: Which of the following taxes is paid by the employee and the employer? a.SUTA b.Federal withholding…

A: SUTA: State Unemployment Tax Rate  FUTA: Federal Unemployment Tax Rate  FICA: Federal Insurance…

Q: How are the electronic tax deposits transferred from the employer’s account to the IRS?

A: The employer is having two options for transferring the electronic tax deposit to the internal…

Q: Question 2: Which of the following is the due date for Form 940 when it is submitted without a…

A: Question 2: The deadline to submit Form 940 is January 31. You have until February 10 to file if you…

Q: When are liabilities recognized for the federal Social Security program? Select one: a. When…

A: The Social Security program provides protection against the loss of earnings due to retirement,…

Q: What is the source of data used to:  a. Record the distribution of the payroll. b. Record the…

A: Payroll accounting is the recording of all payroll transactions in your books. It helps you to keep…