Chapter 6 Homework Page 1

Chapter 6 Homework Page 1 - Dustin Taylor BE166 Payroll...

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Unformatted text preview: Dustin Taylor BE166 Payroll Accounting Chapter 6 Homework Questions for review: 5,12, 13,17,19,20 5. Garnishment refers to the legal or equitable procedure by means of which a portion of the wages of any person must be withheld for payment of a debt. Through the garnishment process, a creditor, with the aid of the courts, may require the employer to hold back a portion of the debtor’s wages and pay that amount to the court or to the creditor. 12. The employer must file a report after a specific period of time and then surrender the money to the state as abandoned property. 13. Payroll Taxes FICA Taxes Payable — OASDI FICA Taxes Payable — HI FUTA Taxes Payable SUTA Taxes Payable l7. Debited: FICA Taxes Payable — OASDI FICA Taxes Payable ~ HI Employees FIT Payable Credited: Cash 19. They are recorded in the period that the employee earns them. 20. Wages Payroll taxes Worker's Compensation Insurance Vacation benefits Pension benefits ...
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