100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Payroll Tax Chapter 6 Exam -Questions with Correct Answers/ Latest Version (2024/2025)/ 100% Pass $10.49   Add to cart

Exam (elaborations)

Payroll Tax Chapter 6 Exam -Questions with Correct Answers/ Latest Version (2024/2025)/ 100% Pass

 7 views  0 purchase
  • Course
  • Payroll
  • Institution
  • Payroll

1. An employee's marital status and number of withholding allowances never appear on the payroll register. a. True b. False - ANSWER: False 2. Companies usually provide a separate column in the payroll register to record the employer's payroll taxes. a. True b. False - ANSWER: False 3. An e...

[Show more]

Preview 2 out of 10  pages

  • July 26, 2024
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • Payroll
  • Payroll
avatar-seller
MikeHarris
Payroll Tax C hapter 6 Exam -Questions with Correct Answers/ Latest Version (2024/2025) / 100% Pass 1. An employee's marital status and number of withholding allowances never appear on the payroll register. a. True b. False - ✔✔ANSWER: False 2. Companies usually prov ide a separate column in the payroll register to record the employer's payroll taxes. a. True b. False - ✔✔ANSWER: False 3. An employer will use the payroll register to keep track of an employee's accumulated wages. a. True b. False - ✔✔ANSWER: False 4. In order to prepare Forms W -2, an employer would utilize the employee's earnings record. a. True b. False - ✔✔ANSWER: True 5. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. a. True b. False - ✔✔ANSWER: True 6. Deductions from gross pay in the payroll register are reflected on the credit side of the journal entry to record the payroll. a. True b. False - ✔✔ANSWER: True 7. If wages are paid weekly, postings to the employee 's earnings record would be done once a month. a. True b. False - ✔✔ANSWER: False 8. Each payday, the total of net pays that the employer incurs is the wage expense that must be debited. a. True b. False - ✔✔ANSWER: False 9. Tax withholdings from emp loyees' pays reduce the amount of the debit to Salary Expense in the payroll entry. a. True b. False - ✔✔ANSWER: False 10. The wage and salaries expense account is an operating expense account debited for total net pay each payroll period. a. True b. False - ✔✔ANSWER: False 11. FIT Payable is a liability account used to record employees' withheld federal income tax and also the employer's match of that tax. a. True b. False - ✔✔ANSWER: False 12. A debit to the employees FIT payable account remo ves the liability for the amount of federal income taxes withheld from employees' wages. a. True

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller MikeHarris. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.49
  • (0)
  Add to cart