Quiz_Lesson_7

Quiz_Lesson_7 - Lesson 7 1. ( T / F ) Employees are...

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Lesson 7 1. ( T / F ) Employees are responsible for paying FICA (1/2), FUI, and SUI. 2. When must an employer remit employer payroll taxes to the government? a) When they are ready. b) When all other obligations are satisfied. c) At the end of the accounting period: Dec. 31 for a calendar year end, or another date signaling fiscal year end. d) When all other taxes are due: April 15 of the following year. e) None of the above 3. Gross wages 1,000 Employee FICA 100 FIT 60 SIT 40 FUI 50 SUI 50 Prepare Jordan’s journal entries to record the employee and payroll related expenses, assuming he will pay the cash in two weeks. 4. Nordstrom’s sells a jacket costing $325 to Jarom for $500 cash and collects a 6.25% sales tax for the state of Utah. Prepare Nordstrom’s journal entries to record the sale and subsequent remittance of the state sales tax. 5. Referring to the sales tax in the previous problem, the revenue is the ’s, and the expense is the ’s. 6.
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Quiz_Lesson_7 - Lesson 7 1. ( T / F ) Employees are...

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