Advanced Accounting - Chapter 3

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Author:
kaylacody17
ID:
173177
Filename:
Advanced Accounting - Chapter 3
Updated:
2012-09-24 23:55:48
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accounting
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nah nah nah nah nah.... BATMAN
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  1. federal, state, and local laws require employers to keep records of the payroll info and other payments related to employee services
    true
  2. one payroll system is used by all employers in the US
    false
  3. employers are required by law to withhold certain payroll taxes from employee salaries each pay period
    true
  4. emplyers pay government agnecies all payroll taxes withheld from employee salaries on an annual basis
    false
  5. by Jan 31, businesses must report to employees the earnings and amounts withheld for the previous calendar year
    true
  6. payroll records must show an employee's earnings, amounts withheld, net paid amount, and the total amount of payroll taxes that a business must pay
    true
  7. income and two FICA taxes are the federal taxes deducted from earnings of each employee
    true
  8. the amount of federal income tax to be withheld is determined solely by the number of withholding allowances
    false
  9. congress sets the tax base and the tax rates for social security tax
    true
  10. like social security, medicare has a tax base
    false
  11. laws for handling state, city, and county taxes vary
    true
  12. other deductions from employee earnings include health insurance, life insurance, pension plans, and savings deposits
    true
  13. all time worked in excess of 40 hours in any one week is considered overtime
    true
  14. employees are paid two times the regular rate for overtime hours
    false
  15. commissions, cost of living adjustments, a share of profits, and a bonus are included in an employee's earnings
    true
  16. in proving a payroll register's accuracy, the total of the net pay column is subtracted from the total deductions column
    false
  17. an employee's total earnings and deductions for the quarter are summarized on one line of the employee earnings record
    true
  18. after a biweekly payroll register has been completed, a check for the total earnings indicated on the payroll register is written for each employee
    false
  19. transferring payroll amounts electronically from the employer's account to the employee's bank account is known as Electronic Funds Transfer
    true
  20. unemployment taxes are used to pay qualified workers cash benefits for limited periods of unemployment
    true
  21. both employers and employees are required to pay a federal unemployment tax
    false
  22. the frequency of payments for federal, state,, and local government taxes is determined by the amount of tax paid each year
    true
  23. if a business is classified as a monthly schedule depositor, the business must pay the total amount due by the 15th day of the following month
    true
  24. businesses that paid more than 50,000 in taxes during the previous four quarters are classified as semiweekly schedule depositors
    true
  25. businesses with a quarterly federal unemployment tax of more than 500 must make quarterly payments in the month following the end of the quarter
    true
  26. the money paid for employee services
    salary
  27. the period covered by a salary payment
    pay period
  28. the total amount earned by all employees for a pay period
    payroll
  29. taxes based on the payroll of a business
    payroll taxes
  30. a deduction from total earnings for each person legally supported by a taxpayer
    withholding allowance
  31. the maximum amount of earnings on which a tax is calculated
    tax base
  32. a business form used to record details affecting payments made to an employee
    employee earnings record
  33. depositing payroll check directly to an employee's checking or savings account in a specified bank
    automatic check deposit
  34. a computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents
    EFT
  35. a business form used to record payroll information
    payroll register

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