______

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