Accounting I Unit 4 Accounting Payroll Procedures Ch 13 Payroll Accounting

Accounting i unit 4 accounting payroll procedures ch

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Accounting I Unit 4: Accounting Payroll Procedures Ch 13 - Payroll Accounting , Taxes and Reports - Notes #1 Page 2 of 5 Chapter 13 T Account Transactions Journalizing Transaction Posting Transactions 1. Amounts posted in the ____________ columns are posted individually. 2. The amount in the cash credit column is posted at the _____________________. General debit & credit End of the month ^ JI 371.00 219.00 µ , zs " , | oo 8283 40.00 4609.46 Dec 15 Salary Expense 571140 460946 Emp . Income TP 371 SS TP 35411 Medicare Tp 8283 Health Insvr . Prem . Payable 219 - U.S . Saving Bonds payable 35 - United Way Donations Payable 40 -
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Accounting I Unit 4: Accounting Payroll Procedures Ch 13 - Payroll Accounting , Taxes and Reports - Notes #1 Page 3 of 5 Chapter 13 Recording Employer Payroll Taxes 1. Employers must pay to the _________________ the taxes withheld from employee earnings. 2. These amounts are considered _______________ until they are actually paid to the government. 3. Employers must pay four separate payroll taxes of their own: a. b. c. d. Calculating Employer FICA Tax 1. A business owes the same amount of FICA (social security & medicare) taxes as the amount ________________________________________. 2. FICA Tax is the only payroll tax paid by _______________ the employees and the employer. 3. For Social Security Tax employees and employers pay a certain percentage of their total earnings up $87,000 in each calendar year. 4. Medicare does not have a tax base and is therefore calculated on total employee earnings.
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