Pearson Education
_____________________________
STUDENT NAME
Chapter 8 Review
Self-Paced Accounting Worksheet
Learning Unit 8-1
Employer’s Payroll Tax Expense
1. The _______ _______ _______ account records the total of an employer’s social security, medicare, SUTA, and FUTA tax responsibilities.
Payroll Tax Expense
2. The employer matches the contributions of employees for _______ ________ and ________.
Social Security
Medicare
3. The base for ______ will vary from state to state.
SUTA
4. FUTA tax payable is a _________ on the balance sheet.
Liability
5. Tax FUTA earnings times FUTA rate equals ______ ______.
FUTA Tax
6. The FUTA base is the first $7,000 of _______ earnings in a _______ year.
Taxable
Calendar
7. FUTA is not paid by the _________.
Employee
8. Each state has its own state unemployment ______ ______ limit.
Wage Base
9. _______ rating relates to the SUTA tax.
Merit
10. SUTA taxes are paid at the end of each ________ ________.
Calendar Quarter
11. FUTA tax is paid at the end of each ________ ______ if tax owed is less than $100 for the year. If the amount owed is more than $100, the tax is paid on a ________ basis.
Calendar Year
Quarterly
12. SUTA is a _________, which is increased by credit.
Liability
Learning Unit 8-2
Form 941
13. Form 941 is made of FICA taxes for the employee and employer, as well as _______ _______ _______ for the employer.
Federal Income Tax
14. A quarter is thirteen _______.
Weeks
15. Regarding Form 941, payroll tax deposits for employers classify them as either ________ or ________ depositors.
Monthly
Semiweekly
16. The _____-_____ ______ determines how often an employer deposits payroll taxes.
Look-back Period
17. If more than $50,000 is deposited for taxes relating to FICA and FIT during the look-back period, the depositor is classified as ________.
Semiweekly
18. If you are a semiweekly depositor and the payday occurs on Wednesday, Thursday, or Friday, the payroll tax deposit is due on the following ________.
Wednesday
19. As a general rule, the semiweekly depositor has _______ banking days in which to make the payroll tax deposit.
Three
20. Form 8109 is a ________ _______ _________ coupon that accompanies each payroll tax deposit.
Federal Tax Deposit
21. When a tax deposit (relating to Form 941) is journalized, the accounts FICA (social security and medicare) payable along with FIT payable will be ________ and cash will be ________.
Debited
Credited
22. Form 941 is completed _________.
Quarterly
Learning Unit 8-3
23. Form W-2 must be distributed by __________ 31st of the following year. Employees use the figures on the W-2 to compute the amount of income tax they must pay.
January
24. Form W-3 is sent by the ________ to the social security administration along with the copies of each employee’s Form W-2. The W-3 provides a summary total of wages paid as well as deductions taken.
Employer
25. Form ______ is used by a business that only employs workers in one state. Multi-state employers must file Form _____.
940-EZ
940
26. SUTA tax is due by ______ month after the quarter ends.
One
27. The ________ for workers’ compensation insurance is based on the total ________ _______ ________ and the rate is calculated per $100 of weekly payroll.
Premium
Estimated Gross Payroll
28. Prepaid insurance workers’ compensation is an ______ which is increased by a ______.
Asset
Debit
29. The adjustment on December 31st for workers’ compensation insurance would be to debit _________ _________ _________ ________ and credit ________ ________ ________ ________.
Workers’ Compensation Insurance Expense
Workers’ Compensation Insurance Payable
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