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true false questions 1 the frequency of deposits of federal income taxes withheld an 4300193


True / False Questions

1.The frequency of deposits of federal income taxes withheld and social security and Medicare taxes is determined by the amount owed.  

2.For the purpose of internal control, only the person who prepares payroll checks should distribute them.  

3.To achieve internal control over payroll operations, no changes in employee pay rates should be made without written authorization from management.  

4.A business pays the social security tax at the same rate and on the same taxable wages as its employees.  

5.The entry to record the Social security and Medicare taxes levied on a business includes a debit to Payroll Taxes Expense.  

6.The entry to record the employer's payroll taxes would include a debit to an expense account and a credit to one or more liability accounts.  

7.At the end of each quarter, the individual earnings records are totaled.  

8.If an employee leaves the firm before the end of the year, the employee may ask for and receive Form W-2 within 30 days after the request or after the final wage payment.  

9.The information for preparing Form W-2 is obtained from the employees' individual earnings records.  

10.FUTA tax, like social security tax, is levied on both the employer and the employee and, therefore, is withheld from employee's pay.  

11.The unemployment compensation tax program is often called the unemployment insurance program.  

12.Form 940, which is used to report the employer's federal unemployment tax, must be filed quarterly.  




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