Pearson Education



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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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